Essar Energy To Sell Stake In Vietnam Block

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>India-focused Essar Energy Plc said it agreed to sell a 50 per cent stake in an offshore gas exploration block in Vietnam to Italian oil major Eni SpA.<br><br>Eni will assume operator status for the block under the terms of the transaction.<br><br>Further investment is required to establish gas reserves in the block and no gas is being produced at present, Essar Energy said.<br><br>Block 114 is located in shallow waters off the coast of Vietnam and has undiscovered inplace resources of about 1 trillion cubic feet of gas, according to Essar Energy's website.<br><br>The company was not immediately available to comment on further details of the transaction, including the value of the deal.<br><br>Shares in Essar Energy - 77 per cent-owned by privately held Indian conglomerate Essar Group - closed at 122 pence on Friday on the London Stock Exchange.<br><br><br>(Reuters)</p>