HANOI—Vietnam's port city of Haiphong said authorities had approved a $5.09 billion LNG power and terminal project due to be developed by Exxon Mobil Corp. and to start power generation in 2026-2027.
In a statement issued late on Oct. 1, the city’s People’s Committee said the power plant would have an initial capacity of 2.25 gigawatts (GW) and that would be expanded to 4.5 GW by 2029-2030.
It said the project would also include a terminal with a capacity of 6 million tonnes of LNG per year.
Exxon Mobil did not immediately respond to a request for comment.
In June, Vietnam’s government said it welcomed Exxon Mobil’s move to invest in the country following a phone call between Prime Minister Nguyen Xuan Phuc and Irtiza Sayyed, president of ExxonMobil LNG Market Development Inc.
The government said in a statement at the time that a power project in Haiphong could use LNG imported from the United States or other countries.
The Institute of Energy of Vietnam is drafting a new master power development plan and has compiled a list of 22 LNG power plants with a combined potential capacity of up to 108.5 GW, the first of which will be operational by 2023.
The Haiphong committee said on Oct. 1 the city had also approved another $1.9 billion LNG power project with a capacity of 1.6 GW.
It said the first phase of the plant would be operational from 2025 and the entire plant from 2028, but did not specify a potential developer or investor.
Recommended Reading
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
Dallas Fed Energy Survey: Permian Basin Breakeven Costs Moving Up
2024-03-28 - Breakeven costs in America’s hottest oil play continue to rise, but crude producers are still making money, according to the first-quarter Dallas Fed Energy Survey. The situation is more dire for natural gas producers.
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.
PE Investors Scoop Up Offshore Services Provider Acteon Group
2024-03-27 - Acteon Group, a U.K.-based subsea services provider serving customers in offshore oil, gas and renewables, was acquired by new private equity backers.
Exclusive: Is TG Natural Resources Looking to Snap Up More?
2024-03-27 - At Hart Energy's DUG Gas+ Conference and Expo in Shreveport, Louisiana, TG Natural Resources' President and CEO Craig Jarchow said the integration of the Rockcliff Energy acquisition is well underway and that "being acquisitive is certainly" in the company's future.