Exxon Eyes Vietnamese Gas, Gas-to-Power Projects

US major ExxonMobil is looking to invest in gas exploration, petrochemical refining, and gas-to-power projects in Vietnam, the government said on June 11 in a statement.

The government issued the statement after Vietnamese prime minister Nguyen Xuan Phuc had a telephonic conversation with Irtiza Sayyed, president of ExxonMobil LNG Market Development. The government said that ExxonMobil could invest in the 4 GW gas-to-power project, located in the industrial city of Hai Phong, which is expected to come online between 2025-2030. The government said that the US company also plans to invest in 3 GW gas-to-power project in Long An province. 

The Vietnamese government said ExxonMobil will help ensure a continuous supply of LNG directly from the US or some other countries. “LNG import will contribute to creating a harmonious trade balance between Vietnam and the US,” it said.

ExxonMobil is already present in Vietnamese upstream space. The Ca Voi Xanh gas field is being developed by a joint venture of PetroVietnam, PetroVietnam Exploration Production Corporation, and ExxonMobil, which will also serve as the operator.