We operate in several offshore exploration blocks that cover a total area of over 30 thousand square metres. In 2019 we made a gas and condensate discovery in the Ken Bau exploration prospect in Block 114 (Eni 50%, operator), located in the country's offshore. This is a major turning point in the assessment of the exploratory potential of the Song Hong basin where, through Eni Vietnam, we are also 100% operators of the nearby Block 116. In 2014 we signed two Production Sharing Contracts (PSC) that allow us to explore the two blocks located off the coast of Vietnam. The first block, which we own entirely, covers an area of about 5 thousand square kilometre in the Song Hong basin and its depth ranges from 10 to 120 metres. The block's PSC envisages an exploration period of seven years, divided into three phases. The second block, owned by Eni (60%, operator) and Santos Vietnam (40%), covers an area of 6 thousand square kilometres in the Phu Khanh basin, in waters with a depth ranging from 50 to 2,600 metres. The SGP allows an exploration period of seven years, divided into two phases. In the same year we also signed a PSC with PetroVietnam for the exploration of Offshore Block 122, which covers an area of 6,900 square kilometres in the Phu Khanh basin, in waters up to 2,000 metres deep. Finally, in 2012 we signed an agreement with the Indian company Essar for the acquisition of 50% and the operatorship of exploration block 114, located in the Song Hong basin, and an agreement for the acquisition of blocks 105-110/04 and 120, where we are operators with a 50% stake, while KrisEnergy and Neon Energy each hold 25%.
In July 2020 the exploration well Ken Bau-2X, located in Block 114, Song Hong Basin, offshore Vietnam, has confirmed a significant hydrocarbon accumulation on the Ken Bau discovery. Preliminary estimates of Ken Bau accumulation provide a range between 7 and 9 trillion cubic feet (Tcf) of raw gas in place with 400-500 million barrels (Mbbl) of associated condensates. Ken Bau 2X results confirm the importance of the discovery made in 2019, and Eni Vietnam’s and its partner Essar E&P efforts to swiftly appraise the full extent of the accumulation despite the significant operational challenges posed by the COVID-19 pandemic during these months.
In April 2021 we strengthen our presence in Vietnam through the acquisition of Block 115, consolidating our position in the recently discovered Ken Bau like play, in line with our strategy of expanding of our gas portfolio in the Asian Far East. The new acreage also borders with Block 116, also operated by Eni Vietnam with a 100% participating interest.