ExxonMobil board debates dropping giant projects in Vietnam and Mozambique

ExxonMobil board debates dropping giant projects in Vietnam and Mozambique

ExxonMobil’s (NYSE:XOM) board of directors is debating whether to continue with several major oil and gas projects, that have high projected emissions profiles, as the supermajor reconsiders its investment strategy in a fast-changing energy landscape, the WSJ reported.

Members of the board—which includes three directors successfully nominated by an activist investor in May and two other new members—have expressed concerns about certain projects, including a $30 billion liquefied natural gas (LNG) development in Mozambique and another multibillion-dollar gas project in Vietnam, according to people familiar with the matter, the WSJ report said on Wednesday.

The Vietnam and Mozambique projects have been stalled for a long time over local fights, as well as high costs and sour gas, which is more challenging to develop.