) Vietnam subsidiary, Eni Vietnam BV, has started drilling
operations at the Ca Ngu-1 exploration well off Vietnam, as per
its partner KrisEnergy.
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Located in Eni-operated Block 120, in the Phu Khanh basin off the
Gulf of Tonkin, Ca Ngu-1, is being drilled by semi-submersible
rig Songa Mercur. The primary purpose of drilling the probe is to
establish the oil and gas potential at the Ca Ngu prospect.
The well lies in water depth of about 270 meters, while Eni
intends to drill the well to a total vertical depth of 1,500
meters below sea.
Block 120 spans an acreage of 8,574 square kilometers overlying
the Quang Ngai graben and the Tri Ton horst. It is a
prospect identified by the earlier 2D and 3D seismic acquisition,
where water depths range from 50-1,100 meters. The graben links
the Song Hong and Qiongdongnan basins in the north to the Phu
Khanh basin in the south.
In Jun 2012, Eni farmed into Blocks 105-110/04 and 120, with a
stake of 50%. The blocks are located in the Song Hong and Phu
Khanh basins. As per Eni, the Song Hong basin is estimated to
hold 10% of Vietnam's hydrocarbon resources, mainly contemplated
to comprise natural gas.
The other partners in the block are KrisEnergy and Neon Energy
each holding 25%.
Eni with its consolidated subsidiaries is engaged in oil and gas,
electricity generation, petrochemicals, oilfield services and
engineering industries. We believe that Eni's constant efforts to
expand its upstream operations in Cyprus, Egypt, Vietnam,
Indonesia, Pakistan and Kenya will go a long way in generating
profitable growth in the future.
Eni carries a Zacks Rank #3 (Hold). However, Zacks Ranked #1
(Strong Buy) stocks -
Stone Energy Corp.
Linn Energy LLC
) - are good buying options for the short term.