QatarEnergy selects ExxonMobil as fourth partner for $28.75 billion LNG expansion project

US energy giant ExxonMobil is the latest international firm to join QatarEnergy’s massive LNG expansion project, which will boost Qatar’s LNG export capacity by 32 million tons per annum.

ExxonMobil is the fourth partner to join the $28.75 billion North Field East (NFE) expansion project after France’s TotalEnergiesItaly’s Eni, and compatriot ConocoPhillips.

Qatar’s energy minister and chief executive of QatarEnergy, Saad Sherida Al-Kaabi, and Darren Woods, CEO of ExxonMobil, signed the partnership agreement for the creation of the new joint venture company during an official ceremony on Tuesday, according to a statement by ExxonMobil.

QatarEnergy will hold a 75 percent interest while ConocoPhillips will hold the remaining 25 percent interest in the JV.

The JV will own 25 percent of the entire NFE project, according to ExxonMobil.

This means that ExxonMobil will have a 6.25 percent stake in the project, such as TotalEnergies, while Eni and ConocoPhillips will hold 3.12 percent each.

ExxonMobil has had a presence in Qatar since 1955 and long supported the development of the country’s LNG industry and energy sector.

QatarEnergy selects ExxonMobil as fourth partner for $28.75 billion LNG expansion project
Image: QatarEnergy

In February last year, QatarEnergy took a final investment decision on the $28.75 billion NFE project to boost Qatar’s annual LNG capacity from 77 million tons to 110 million tons.

The state-owned firm is developing a second phase to further boost capacity to 126 Mtpa by 2027 as well as additional expansions.

QatarEnergy and its unit Qatargas are also working on a giant fleet of LNG carriers to support this expansion and the firms already completed the first contracts in China and South Korea, with many more to come.

Most Popular

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

NextDecade, Jera seal 20-year LNG SPA

Japan's Jera has signed a 20-year deal to buy liquefied natural gas from the planned fifth train at NextDecade's Rio Grande LNG facility in Texas.

Australia’s Viva Energy gets OK for Geelong LNG import terminal

Australia’s Viva Energy has secured approval from the Victorian government for its proposed FSRU-based LNG import terminal in Geelong, Australia.

More News Like This

QatarEnergy eyes major LNG trading expansion

State-owned LNG giant QatarEnergy aims to increase trading of non-Qatari physical LNG volumes to 30 to 40 million tons by 2030, according to Qatar’s energy minister and chief executive of QatarEneergy, Saad Sherida Al-Kaabi.

China’s Hudong-Zhonghua delivers its 50th LNG carrier

Chinese shipbuilder Hudong-Zhonghua has delivered its 50th liquefied natural gas (LNG) carrier.

ExxonMobil CEO expects Golden Pass LNG launch by end of this year

ExxonMobil CEO Darren Woods expects the QatarEnergy-led Golden Pass LNG export project in Texas to produce first LNG volumes by the end of this year. Separately, Golden Pass LNG is also seeking approval from the US FERC to increase peak workforce up to 10,300.

Golden Pass LNG moving forward with commissioning activities

Golden Pass LNG, a joint venture of QatarEnergy and ExxonMobil, is moving forward with the commissioning work at its giant LNG export facility in Texas with new approval from the US FERC.