Exxon is backing a natural gas mega-project in Qatar as global energy supplies buckle under pressures stemming from Russian’s war on Ukraine

Exxon is backing a natural gas mega-project in Qatar as global energy supplies buckle under pressures stemming from Russian’s war on Ukraine

ExxonMobil on Tuesday has entered an agreement to support the expansion of the world's largest liquefied natural gas project in Qatar.

ExxonMobil and QatarEnergy will become partners in a new joint venture to develop the nearly $30 billion North Field East project.

The agreement arrives at a time when Russia's war on Ukraine has propelled supply shifts in the global energy market.

ExxonMobil has entered a deal to support the expansion of the world's largest liquefied natural gas project, with the agreement arriving at a time when Russia's war on Ukraine has prompted supply shifts in the global energy market.

ExxonMobil will help QatarEnergy further develop Qatar's North Field East project that will result in increasing the Middle East country's annual LNG capacity to 110 million tons from 77 million tons, the companies said in a statement Tuesday. Qatar is in its first and largest phase of the nearly $30 billion project expansion, according to a Reuters report on Tuesday.

ExxonMobil and QatarEnergy will become partners in a new joint venture in which QatarEnergy will hold a 75% interest with ExxonMobil holding the remaining 25% interest. The joint venture itself will own 25% of the entire North Field East project. Financial terms were not disclosed