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.

- Advertisements -

Most Popular

South Korean yards built 500 LNG carriers for export in 30 years

South Korean yards have completed 500 liquefied natural gas (LNG) tankers for export since 1994, according to the Ministry...

MARAD: Delfin needs to submit amended application for FLNG project

The US Maritime Administration (MARAD) said that Delfin LNG needs to file an amended application for its floating LNG...

Stena Bulk sells its last LNG carrier

Swedish shipping firm Stena Bulk has sold its last liquefied natural gas (LNG) carrier to an undisclosed Asian buyer. The...

More News Like This

Papua New Guinea’s Kumul sells its first spot LNG cargo

Papua New Guinea’s national oil and gas company Kumul Petroleum said it had sold its first spot liquefied natural...

GTT secures LNG tank gig for eight vessels

French LNG containment giant GTT has secured a tank design order for eight 174,000-cbm LNG carriers. GTT said a statement...

PetroVietnam Gas: Thi Vai terminal receives second LNG cargo

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received the second liquefied natural gas cargo at its Thi Vai...

PetroVietnam Gas to supply LNG to EVN

PetroVietnam Gas, a unit of state-owned PetroVietnam, has signed a deal to supply liquefied natural gas (LNG) to Vietnam's...