Essar to explore oil and gas in Vietnam

March 4th, 2008 - 6:59 pm ICT by admin  

New Delhi, March 4 (IANS) Private petroleum company Essar Oil Ltd said Tuesday that its Mauritius-based subsidiary Essar Exploration and Production (EEPL) has bagged a licence to explore oil and gas off Vietnam’s coast. “EEPL has been awarded an offshore block in Vietnam’s prolific Song Hong basin,” Essar Oil told the Bombay Stock Exchange.

“The exploration phase is estimated to last five years and the investment for this programme will be approximately $60 million,” Essar said.

“It is a shallow water block with average water depth of 60 to 70 metre,” the statement said.

The block was offered under the recent licensing round offering seven offshore blocks, the company said.

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