HANOI (Reuters) -ExxonMobil is continuing preparatory work for its Ca Voi Xanh (Blue Whale) gas project in Vietnam, it said on Monday, with a final investment decision dependent on factors including regulatory approvals and gas sales deals.
Last month, the ExxonMobil (NYSE:XOM) board was debating https://www.reuters.com/business/energy/exxon-board-debates-dropping-several-major-oil-gas-projects-wsj-2021-10-20 whether to continue with several major oil and gas projects, including the project in Vietnam, amid a push from investors for fossil fuel companies to be more cost-conscious and green-energy friendly.
"We completed front-end engineering and design for the project in May 2020, and are working on the final development plan," a company spokesperson said in an emailed statement.
Located off Vietnam's central coast, Ca Voi Xanh is potentially the country's biggest gas project, with an estimated 150 billion cubic metres in reserves.
Under initial project plans, the gas would flow through an 80 km pipeline to be processed near Danang city and then supplied to four proposed power plants in Vietnam's central provinces.
"A final investment decision will be based on a number of factors, including regulatory approvals, government guarantees, executed gas sales agreements and economic competitiveness," the spokesperson said.