Eni, PetroVietnam Ink Offshore Exploration Contract

Eni said on Thursday it had signed a new offshore exploration contract with PetroVietnam as the Italian oil and gas group moves to strengthen its presence in Vietnam.

Eni said it had signed a Product Sharing Contract with state-owned PetroVietnam for exploration in the Phu Khanh Basin which will last 7 years.

Asia represents a new frontier area for Eni which currently produces more than half its oil and gas output in Africa.

(Reporting by Stephen Jewkes)