Essar Group promoters Ravi and Prashant Ruia met with the Vietnamese leadership as they looked for investment opportunities and potential business collaborations in the South East Asian nation, the company said on Sunday.

Essar Exploration and Production Ltd (EEPL) and ENI of Italy have a significant investment in Block 114, located in the offshore area of Central Vietnam. Significant oil and gas discovery was announced in this block which is the largest hydrocarbon find in SE Asia spanning two decades, it said in a statement.

The Block has approximately 2 billion barrels of oil and gas resources.

“Having invested over $300 million in Block 114, Essar and ENI are committed to a fast track development of the

Ken-Bau basin whilst exploring for more hydrocarbons in Dan Day basin and other prospects. Development of Block 114 is of utmost importance for energy interests of Vietnam,” it said.

The commercial production of gas and condensate from this block will be a key strategic benefit for the central region of Vietnam.

Chairman of the Vietnam National Assembly Hue greeted Essar for its continued investment in Vietnam and called on to further increase the investments.

Prashant Ruia, director, Essar Capital, said: “Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam’s economy... ”.