Sunday, June 26, 2022

Exxon gets 25% stake in JV for Qatar’s mega LNG project

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QatarEnergy is pressing full steam ahead with the development of its mega North Field East (NFE) project.

Recently, it finalised an agreement with ExxonMobil that will see the oil major getting a 25% stake in a joint venture, in which QatarEnergy will hold 75%. The JV will own 25% of the entire North Field East project, including four LNG trains with a combined nameplate capacity of 32 million tons per year.

With North Field East, ExxonMobil’s participation in Qatar, liquefied natural gas (LNG) volumes are expected to increase from 52 to 60 million tons per year.

According to ExxonMobil Chairman and Chief Executive Officer (CEO), Darren Woods, the collaboration will accelerate the production of “secure, affordable and cleaner energy our world needs.”

Eni joins lists of oil majors for world’s largest LNG project in Qatar | OilNOW

“ExxonMobil has a long history of working in Qatar, responsibly producing energy, and we look forward to continuing our relationship for the benefit of all of our stakeholders,” he commented during the signing at Qatar’s headquarters in Doha – Qatar’s capital.

The expansion of North Field East and increased LNG export capacity is one of Qatar’s key energy objectives. QatarEnergy is the operator and commenced the North Field East project in 2019. First LNG from North Field East is expected in 2026.

The gas field is spread over 6,000km² and is being developed by leveraging the infrastructure of existing projects such as Qatargas phases 1-4, Ras Laffan phases 1-3, and Al Khaleej gas projects.

The offshore field expansion is expected to have a production capacity of one million barrels of oil equivalent a day, while the onshore processing facility is estimated to produce approximately 32Mtpa of LNG.

Exxon, Total, Shell among investors tapped by Qatar for world’s largest LNG project | OilNOW

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

And President and CEO of QatarEnergy Saad Sherida Al-Kaabi said the new venture with ExxonMobil was due to the mutual trust and confidence between both parties, and to the State of Qatar’s safe and stable investment climate.

“We look forward to working closely with ExxonMobil to implement this world-scale project, and to live up to our commitment to power lives with cleaner energy in every corner of the world for a better tomorrow for all,”  Al-Kaabi said.

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