The agreement, which was signed by PetroVietnam president and CEO Do Van Hau and Eni CEO Paolo Scaroni, followed a meeting held between Italian Prime Minister Mario Monti and the Communist Party of Vietnam General Secretary Nguyen Phu Trong.
The agreement will allow PetroVietnam to increase its global activities and Eni the opportunity to foray into new blocks in Vietnam.
As a part of the deal, Eni will allow PetroVietnam the access to buy shares in international areas and blocks, where it has exploration and development rights.
Apart from the partnership activities in the upstream sector, Eni will also share its vast knowledge, proprietary technology and training skills with PetroVietnam.
Eni CEO Paolo Scaroni said that following the agreement, the firm will focus on the development of existing operations in Vietnam, and confirmed the favorable prospects in the country as a result of its collaboration with PetroVietnam.
