ExxonMobil and QatarEnergy say that they have signed an agreement to further develop Qatar’s North Field East project, which will expand Qatar’s annual LNG capacity from 77 million t to 110 million t by 2026.
Darren Woods, chairman and chief executive officer for ExxonMobil, said: “We are collaborating with QatarEnergy on North Field East to accelerate the production of the secure, affordable, and cleaner energy our world needs. 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.”
His excellency Mr Saad Sherida Al-Kaabi, president and chief executive officer of QatarEnergy, said: “We have signed a partnership agreement with ExxonMobil, our strategic and long-term partner, with whom we have enjoyed successful and fruitful relations in Qatar and across the globe. This is primarily due to the mutual trust and confidence between both parties, and to the State of Qatar’s safe and stable investment climate.
With North Field East, ExxonMobil’s participation in Qatar LNG is expected to increase total capacity from 52 to 60 million tpy. Under the terms of the agreement, QatarEnergy and ExxonMobil will become partners in a new joint venture (JV) company, in which QatarEnergy will hold a 75 percent interest, with ExxonMobil holding the remaining 25 percent interest. The JV will own 25 percent of the entire North Field East project, including four LNG trains with a combined nameplate capacity of 32 million tpy.
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.
ExxonMobil has had a presence in Qatar since 1955 and long supported the development of the country’s LNG industry and energy sector.
Terms of the agreement are confidential.
(Source: Tank News Int., June 23-2022)