ExxonMobil to Help QatarEnergy Develop North Field East Project
June 21 2022 - 7:18AM
Dow Jones News
By Chris Wack
Exxon Mobil Corp. said it signed an agreement with QatarEnergy
to further develop Qatar's North Field East project, which will
expand Qatar's annual liquefied natural gas capacity to 110 million
tons from 77 million tons by 2027.
Under the terms of the agreement, QatarEnergy and ExxonMobil
will become partners in a new joint venture company, in which
QatarEnergy will hold a 75% interest with ExxonMobil holding the
remaining 25% interest. The joint venture will own 25% of the
entire North Field East project, including four LNG trains with a
combined nameplate capacity of 32 million tons a year, ExxonMobil
said.
QatarEnergy is the operator and began the North Field East
project in 2019. First LNG from North Field East is expected in
2025.
Terms of the agreement are confidential, ExxonMobil said.
Also on Tuesday, Credit Suisse raid its recommendation on
ExxonMobil shares to outperform from neutral, and raised its price
target to $125 from $115 a share.
ExxonMobil shares were up 4% to $89.30 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 21, 2022 07:03 ET (11:03 GMT)
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