PetroVietnam, Exxon Mobil ink $10bn gas project agreement

TUOI TRE NEWS

Updated : 03/28/2017 14:13 GMT + 7

PetroVietnam and U.S. Exxon Mobil Corp representatives sign the investment agreement in Quang Nam Province, located in central Vietnam, on March 26, 2017.
PetroVietnam

PetroVietnam and U.S. Exxon Mobil Corp have signed an investment agreement on a major gas project off the central province of Quang Nam, the Vietnamese state-run energy group said on Monday.

The gas field, called Ca Voi Xanh (Blue Whale), has some 150 billion cubic meters of gas reserves, three times the reserve of Nam Con Son, the country’s current biggest gas project.

The signing of the PetroVietnam-Exxon Mobil agreement was witnessed by Vietnamese Prime Minister Nguyen Xuan Phuc, during an investment promotion conference in the central province last week.

At the event, Quang Nam authorities handed over investment licenses on 32 projects, with a combined registered capital of US$15.8 billion.

The Ca Voi Xanh project has a total investment of some $10 billion, PetroVietnam CEO Nguyen Vu Truong Son told Tuoi Tre (Youth) newspaper on Monday.

Son added that the project has many shareholders, with the Vietnamese side holding a stake of around 40 percent.

Under the agreement, the U.S. energy giant will construct two underwater exploration complexes, each with four gas wells, plus an 88km pipeline system connecting the project with the Quang Nam shore.

PetroVietnam will in turn invest in a gas treatment plant, a two-turbine power plant in Quang Nam’s Nui Thanh District, and another power plant in nearby Quang Ngai Province.

The $10 billion project is scheduled to be commissioned in 2023, with the gas used to fuel the power plants.

The investment cooperation agreement was signed only two months after PetroVietnam and Exxon Mobil reached a framework heads of agreement and a gas sales heads of agreement for the project in January, during the then-U.S. Secretary of State John Kerry’s visit to the country.

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This entry was posted in US-VN Trade - Thương mại Việt Mỹ and tagged , , by Trần Đình Hoành. Bookmark the permalink.

About Trần Đình Hoành

I am an attorney in the Washington DC area, with a Doctor of Law in the US, attended the master program at the National School of Administration of Việt Nam, and graduated from Sài Gòn University Law School. I aso studied philosophy at the School of Letters in Sài Gòn. I have worked as an anti-trust attorney for Federal Trade Commission and a litigator for a fortune-100 telecom company in Washington DC. I have taught law courses for legal professionals in Việt Nam and still counsel VN government agencies on legal matters. I have founded and managed businesses for me and my family, both law and non-law. I have published many articles on national newspapers and radio stations in Việt Nam. In 1989 I was one of the founding members of US-VN Trade Council, working to re-establish US-VN relationship. Since the early 90's, I have established and managed VNFORUM and VNBIZ forum on VN-related matters; these forums are the subject of a PhD thesis by Dr. Caroline Valverde at UC-Berkeley and her book Transnationalizing Viet Nam. I translate poetry and my translation of "A Request at Đồng Lộc Cemetery" is now engraved on a stone memorial at Đồng Lộc National Shrine in VN. I study and teach the Bible and Buddhism. In 2009 I founded and still manage dotchuoinon.com on positive thinking and two other blogs on Buddhism. In 2015 a group of friends and I founded website CVD - Conversations on Vietnam Development (cvdvn.net). I study the art of leadership with many friends who are religious, business and government leaders from many countries. In October 2011 Phu Nu Publishing House in Hanoi published my book "Positive Thinking to Change Your Life", in Vietnamese (TƯ DUY TÍCH CỰC Thay Đổi Cuộc Sống). In December 2013 Phu Nu Publishing House published my book "10 Core Values for Success". I practice Jiu Jitsu and Tai Chi for health, and play guitar as a hobby, usually accompanying my wife Trần Lê Túy Phượng, aka singer Linh Phượng.

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