Vietnam's largest gas project will be launched

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(QNO) - The Blue Whale gas project will officially start in November 2017 by the US ExxonMobil Oil Corporation on the occasion of the APEC (Asia-Pacific Economic Cooperation) summit.

Prime Minister Nguyen Xuan Phuc and ExxonMobil’s Vice President Jon Gibbs. Photo: VGP
Prime Minister Nguyen Xuan Phuc and ExxonMobil’s Vice President Jon Gibbs. Photo: VGP

At the meeting with Mr. Jon Gibbs- ExxonMobil’s Vice President in Asia-Pacific and the Middle East on August 29, Prime Minister Nguyen Xuan Phuc stated that the Government would create favorable conditions for ExxonMobil to start the Blue Whale gas project soon. At the same time, he also urged the corporation to be more active in deploying the project as planned.

For his part, Mr. Jon Gibbs said that after the meeting with Prime Minister Nguyen Xuan Phuc in New York in June, ExxonMobil started project items actively, preparing for the first gas flow with the largest reserves in Vietnam to come ashore by the end of 2023.

The majority of gas from the Blue Whale field will be consumed by power plants in Quang Nam and Quang Ngai provinces.

In January 2017, ExxonMobil and PetroVietnam signed agreements on gas exploitation and sale in the Blue Whale field. Accordingly, the project will provide enough gas for four power plants with a total capacity of 3000 MW in the first phase. In the next phase, gas will be provided for petrochemistry or the 5th power plant with a capacity of about 750 MW. The total investment is estimated about USD10 billion. The project can contribute nearly USD20 billion to the state budget.

Reportedly, ExxonMobil – the US multinational oil company founded in 1859 – is the sixth-largest company in the world with 37 oil refineries in 21 countries. Their capacity is 6.3 million barrels per day.

ExxonMobil returned to Vietnam in 2015.