Essar jointly invests $300 million in Vietnam's offshore hydrocarbon block

In a bid to increase its investment opportunities overseas, the Essar group via its exploration entity Essar Exploration and Production Ltd (EEPL) is investing in hydrocarbon block 114, located offshore of Central Vietnam.

To be developed jointly with Ente Nazionale Idrocarburi (ENI), an investment of $300 million has been made in the project so far. ENI is the operator of the block with 50 per cent shareholding.

This block is the largest hydrocarbon find in South East Asia spanning two decades and has approximately 2 billion barrels of oil and gas resource, said Essar Group in its release today.

"Development