New Delhi, Dec 19 (IANS): As part of increasing business collaboration and strengthening ties with Vietnam, Essar Exploration and Production, the exploration arm of Essar Group, on Sunday said it is committed to fast-track the development process of the Ken-Bau basin in Vietnam.

Essar Exploration and Production is an emerging player in natural gas exploration and production worldwide.

It and Ente Nazionale Idrocarburi have a significant investment in Block 114, located in the offshore area of central Vietnam.

"The block has approximately two 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," Essar said in a statement.

"Development of Block 114 is of utmost importance for the energy interests of Vietnam."

On Sunday, the Chairman of the National Assembly of Vietnam Vuong Dinh Hue, and Deputy Prime Minister Le Manh Hung met Ravi Ruia and Prashant Ruia, two senior most officials at Essar, to discuss the investments potential and business opportunities in Vietnam.

"The bilateral trade between both the countries has been steadily growing over the past two decades. Essar is committed to the development of Block 114, making it a significant resource for oil and gas in Vietnam's economy," said Prashant Ruia, Director at Essar Capital.

"We are confident that this block will provide strong impetus for Vietnam to become self-sufficient in its energy requirements in the future."