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ExxonMobil may drop several major oil and gas projects

October 21/2021

MOSCOW (MRC) -- ExxonMobil Corp board is debating whether to continue with several major oil and gas projects amid a global push from investors for fossil fuel companies to be more cost-conscious and green-energy friendly, according to Reuters with reference to WSJ's report.

Activist investor Engine No. 1 in May shocked the oil-and-gas industry when three of its four nominees were elected to the board by Exxon shareholders, who were frustrated by weak returns and the company's flagging attention to climate concerns.

The appointment of activist Jeff Ubben in March put a third of the 12-member board in new hands.

The board members expressed concerns about some projects, including a USD30 B liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam, the WSJ report said, citing people familiar with the matter.

The Mozambique and Vietnam projects have been stalled for long periods over local fights as well as sour gas and high costs. No final investment decisions have been taken on these projects.

The talks on projects are taking place as part of a review of Exxon's five-year spending plan, on which the board is set to vote at the end of this month, WSJ reported.

Exxon is also analyzing the expected carbon emissions from each project and how they would affect its ability to meet pledges to reduce emissions, the report said.

The annual projected emissions from the Mozambique and Vietnam projects were among the highest in Exxon's planned pipeline of oil and gas projects, according to a pre-pandemic internal analysis by Exxon, which was reviewed by WSJ.

As MRC reported earlier, ExxonMobil plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas, and is expected to start operations by year-end 2022. By recycling plastic waste back into raw materials that can be used to make plastic and other valuable products, the technology could help address the challenge of plastic waste in the environment. A smaller, temporary facility, is already operational and producing commercial volumes of certified circular polymers that will be marketed by the end of this year to meet growing demand.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,638,370 tonnes in the first eight months of 2021, up by 10% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 989,570 tonnes in the first eight months of 2021, up by 30% year on year. Deliveries of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas shipments of injection moulding PP random copolymers decreased significantly.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world"s energy.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, gas processing, petrochemistry, recikling, Exxon Mobil, Vietnam, Mozambique, USA.
Category:General News
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