ExxonMobil and QatarEnergy to Expand LNG Production with North Field East Agreement
June 21 2022 - 6:34AM
Business Wire
- ExxonMobil awarded 25% interest in North Field East joint
venture
- LNG provides cleaner energy than coal and can be transported to
global markets
- Production to increase from 77 million tons to 110 million tons
per year by 2027
ExxonMobil and QatarEnergy today announced 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 tons
to 110 million tons by 2027. The deal was announced at
QatarEnergy’s headquarters in Doha.
“We are collaborating with QatarEnergy on North Field East to
accelerate the production of secure, affordable and cleaner energy
our world needs,” said Darren Woods, chairman and chief executive
officer for ExxonMobil. “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.”
“Today, we are signing 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,” said His Excellency Mr. Saad Sherida Al-Kaabi,
president and chief executive officer of QatarEnergy. “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.”
With North Field East, ExxonMobil’s participation in Qatar LNG
volumes is expected to increase total capacity from 52 to 60
million tons per year. Under the terms of the agreement,
QatarEnergy and ExxonMobil will become partners in a new joint
venture company (JV), in which QatarEnergy will hold a 75% interest
with ExxonMobil holding the remaining 25% interest. 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.
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 2025.
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.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
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Solutions and Low Carbon Solutions - provide products that enable
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lower-emissions technologies. ExxonMobil holds an industry-leading
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Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, schedules, capacities, production rates, and
resource recoveries could differ materially due to: changes in
market conditions affecting the oil and gas industry or long-term
oil and gas price levels; political or regulatory developments
including obtaining necessary regulatory permits; reservoir
performance; the outcome of future exploration efforts; timely
completion of development and construction projects; technical or
operating factors; the outcome of commercial negotiations;
unexpected technological breakthroughs or challenges; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at exxonmobil.com and under
Item 1A. Risk Factors in our annual report on Form 10-K. The term
“project” can refer to a variety of different activities and does
not necessarily have the same meaning as in any government payment
transparency reports.
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