Boston, MA 08/25/2014 (wallstreetpr) – According to reports, Vietnam Oil and Gas Group may look forward to entering into an agreement deal with Exxon Mobil Corporation (NYSE:XOM) by 2015. One of the spokespersons of Vietnam Oil and Gas Group cleared that the agreement would worth of $10 billion in regard with power and gas project. If things go well in the future, then it would be the biggest power and natural gas deal of the country.
The Current Status:
Vietnam is placed fourth in terms of natural gas fields in the entire East Asia. Natural Gas and Power are two major things on which the government of Vietnam puts more pressure than any other thing. The country received a huge boost when Exxon Mobil Corporation (NYSE:XOM) discovered gas off the coast two years back in 2012. When reporters tried to take inputs from Do Van Hau, Chief Executive Officer of Vietnam Oil & Gas Group, he said, “XOM’s gas discovery was huge, and we would try to take advantage of this deal.”
Different Phases of Agreement:
According to reports, the first step of the project will consist of bringing gas through pipes from the field to a processing station. Once the gas will be brought in the processing station, it will be used for the production of planned 2,500 megawatt power. This power plant will help the Vietnam Economy, which is worth $171 billion to fulfill its electricity shortages. Exxon Mobil Corporation (NYSE:XOM) is in continuous touch with the Vietnam Government, PetroVietnam and other organizations to evaluate the possibility of developing this huge project. Both the companies are very excited to take this project on the next step which will include development of gas plant, pipeline, the field and power plant.
The company has not yet developed a detailed plan for the project, but the initial outline is ready, and the management of both the companies expect to advance to the next level in a few days time.
