Block 118 (Ca Voi Xanh)

Ca Voi Xanh (Blue Whale, CVX) was discovered in 2011 and lies in the shallow waters of Block 118 in the Song Hong Basin, near the Chinese 9-dash maritime border claim. The field is one of Vietnam's two largest gas discovery with a gross gas volumes estimated to seven tcf (including CO2 and other inert gas). In 2017, PetroVietnam and ExxonMobil cleared a crucial commercial hurdle by signing a framework HOA on the development and, more importantly, the gas sales for CVX. CVX will underpin two power generation complexes. The gas will be transported to shore via an 88-kilometer pipeline and will initially fire-up four power plants with a combined capacity of 3,000 MW. The power plants will have a capacity of 750 MW each and were all expected to be commissioned between 2023 and 2024. A fifth-750 MW power plant may be added at a later date. Nevertheless, progress has stalled and we now expect first production not earlier than 2030.