Exxon joins oil majors in Qatar’s mega-LNG expansion project – The Peninsula

Exxon joins oil majors in Qatar’s mega-LNG expansion project – The Peninsula

Doha: QatarEnergy on Tuesday signed a deal with Exxon Mobil Corp for the North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies, Eni and ConocoPhillips.

Qatar is partnering with international companies in the first and largest phase of the $28.75 billion expansion that will boost Qatar's position as the world's top LNG exporter.

The companies will form a joint venture and Exxon will hold a 25% stake in that, H E Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of QatarEnergy, said.

The arrangement implies a 6.25% stake for Exxon in the North Field East expansion, he said.

Exxon said in a statement later on Tuesday the joint venture will hold a 25% interest in the 32 million tonnes per annum (mtpa) project, which is equivalent to one 8 mtpa LNG train for Exxon.

That would make Exxon's share of the project equal to TotalEnergies while Eni and ConocoPhillips have around 3.12% each.

Oil majors have been bidding for four trains - or liquefaction and purification facilities - that comprise the North Field East project.

In all, the North Field Expansion plan includes six LNG trains that will ramp up Qatar's liquefaction capacity from 77 million