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

Souki says Tellurian invested $750 million in Driftwood LNG

US LNG firm Tellurian has already invested $750 million in its Driftwood project in Louisiana, as it continues to...

EIG hires Shell’s Venter as CEO of its LNG unit

US-based energy investor EIG said it has named Shell's De la Rey Venter as chief executive officer of its...

Shell says Prelude FLNG ops impacted due to industrial action

LNG giant Shell said that loading of cargoes at its huge Prelude floating LNG unit offshore Western Australia would...

More News Like This

Sri Lanka eyes Qatari LNG supplies

Sri Lanka is looking to import oil products, LPG, and LNG from Qatar, as the island nation looks to...

LNG giant QatarEnergy looking to almost eliminate methane emissions by 2030

LNG producing giant QatarEnergy has joined an industry-led initiative that aims to reach near zero methane emissions from operated...

Pakistan LNG’s latest spot tender attracts only one bid with very high price

Pakistan LNG has received only one bid for its latest tender seeking a total of four spot shipments for...

ConocoPhillips takes stake in QatarEnergy’s huge LNG project

State-owned QatarEnergy said it has selected ConocoPhillips as a partner in its giant LNG expansion project. The US energy...