Wednesday, 30 March 2011

ExxonMobil to start drilling in Vietnam at the end of April

ExxonMobil will start its first exploratory drilling off the central coast of Vietnam at the end of April. The decision followed a meeting of the company's representative and leaders of the People's Committee of Da Nang City.

The two sides discussed plans to avoid environmental pollution and ensure safety. The drilling will be conducted at block 119 on the continental shell offshore from Quang Ngai Province and Da Nang City. Vice chairman of the Da Nang People's Committee, Phung Tan Viet, ordered the city's Department of Agriculture and Rural Development to inform fishermen not to use the exploration area during the 40 days of drilling.

ExxonMobil' Chief Executive Officer Rex Tillerson recently said that the company plans to spend around $100 million a day for the next half decade as it drills previously unreachable oil and natural gas deposits. He added that the company has budgeted $34 billion for capital projects this year, a 5.6 per cent increase from 2010.

Sources: Viet Nam News, Huston Chronicle, AP

For more news and expert analysis about Vietnam, please see Vietnam Focus.

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