Exxon Mobil Corporation ( XOM Quick Quote XOM - Free Report) and partners are continuing development plans for the Ca Voi Xanh project, an integrated gas-for-power project in Vietnam.
Ca Voi Xanh, also known as Blue Whale, is potentially the biggest natural gas project in Vietnam, with an estimated 150 billion cubic meters in reserves.
The project will produce and process natural gas from the offshore Ca Voi Xanh field, one of Vietnam's largest gas fields. Located in the South China Sea, the gas field is positioned about 80 kilometers off the coast between the country's Quang Nam and Quang Ngai central areas. Natural gas would run through an 80-kilometer pipeline to be processed near Danang and supplied to four associated power plants.
In October, ExxonMobil board members were considering whether to proceed with several oil and gas projects, including Ca Voi Xanh, amid the growing urgency for fossil fuel companies to limit carbon emissions. The project will help the country to address the concerns regarding the security of energy supplies as it is becoming challenging to fund coal-fired power generation projects, with large offshore discoveries remaining unexploited for years.
ExxonMobil and its partners have completed the front-end engineering and design of the project. A final investment decision on the Ca Voi Xanh project is yet to be reached, depending on regulatory approvals, executed gas sales agreements, government guarantees and economic competitiveness.
The Ca Voi Xanh project could provide various long-term benefits to Vietnam, including cleaner, reliable power to enhance economic growth.
Company Profile & Price Performance
Headquartered in Irving, TX, ExxonMobil is one of the leading integrated energy companies in the world.
Shares of ExxonMobil have outperformed the
industry in the past three months. The XOM stock has gained 14.5% compared with the industry's 10.4% growth.
Image Source: Zacks Investment Research Zacks Rank & Other Stocks to Consider
ExxonMobil currently carries a Zack Rank #2 (Buy).
Investors interested in the
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