Market Overview

ExxonMobil Advancing Integrated Gas-for-Power Development in Vietnam

  • Proposed development to provide cleaner, reliable power and stimulate
    economic growth and improved living standards
  • Front-end engineering and design work proceeding; final investment
    decision targeted in 2020

with joint venture partners PetroVietnam and PetroVietnam Exploration
Production Corporation, said today that it is advancing plans for a
multi-billion dollar integrated gas-for-power development in central
Vietnam. The company has awarded the contract for front-end engineering
and design, and is filing appropriate permits, planning applications and
other preparatory work for the proposed development.

If approved, ExxonMobil will lead the construction and operation of the
project, which will produce and treat natural gas from the Ca Voi Xanh
field, located offshore in block 118. The proposed project consists of
an offshore platform, a pipeline to transport the gas to shore, an
onshore gas treatment plant and pipelines that feed gas to third-party
power plants to generate electricity locally.

"The Ca Voi Xanh project could bring a number of long-term benefits to
the country, including cleaner, reliable power to help drive economic
growth and improved living standards," said Liam Mallon, president of
ExxonMobil Development Company. "If the project goes forward, it is
estimated to generate $20 billion in revenue to the Vietnamese
government, thousands of local jobs and improved energy security from
domestic gas development."

Vietnam Electricity, PetroVietnam and Sembcorp are in discussions to
build and operate the power plants. The proposed base development is
expected to generate three gigawatts of power, equivalent to about 10
percent of Vietnam's current total power demand.

A final investment decision, targeted in 2020, will be based on a number
of factors, including regulatory approvals, government guarantees,
executed gas sales agreements and economic competitiveness.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world's growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is one of the largest refiners and marketers of petroleum
products, and its chemical company is one of the largest in the world.
For more information, visit
or follow us on Twitter

Cautionary Statement

Statements of future events and conditions in this release are
forward-looking statements. Actual future results, including project
plans, timing and outcomes could differ materially due to factors such
as changes in oil and gas prices and other market factors affecting the
oil and gas industry; timely completion and outcomes of future
development and construction projects; the outcome of commercial
negotiations; changes in energy demand including as a result of the
occurrence and duration of economic recessions; changes in political or
legal factors including tax and environmental requirements; obtaining
necessary government permits; the actions of competitors; unforeseen
technical difficulties; and other factors discussed here and under the
heading "Factors Affecting Future Results" on the Investors section of
our website at

View Comments and Join the Discussion!
Fastest news service for the smartest traders
$147 Free 14 day Trial