QatarEnergy has announced that it has selected ExxonMobil as a partner in the North Field East (NFE) expansion project.
The agreement stipulates a new joint venture company (JV), in which QatarEnergy will hold a 75 per cent interest, while ExxonMobil will hold the remaining 25 per cent interest. The new JV will own 25 per cent of the entire NFE project, which includes four mega LNG trains with a combined LNG capacity of 32 32 million tons per annum (MTPA). In effect, ExxonMobil will take a 6.25 per cent stake in the NFE project.
QatarEnergy announced that it has selected ExxonMobil as a partner in the North Field East (NFE) expansion project, the single largest project in the history of the LNG industry.#QatarEnergy #YourEnergyTransitionPartner #Qatar pic.twitter.com/yW6VRjJ19p
— QatarEnergy (@qatarenergy) June 21, 2022
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO of QatarEnergy, said: “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. 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.”
Darren Woods, chairman and CEO of ExxonMobil said: “ExxonMobil’s scale, unique capabilities, and expertise will contribute to enhancing the North Field’s LNG production capacity, helping to meet the world’s growing demand for energy while supporting a lower-emissions future.”
ExxonMobil is the fourth partner in the $28.75bn NFE expansion project, after having selected TotalEnergies, Itay’s Eni and ConocoPhillips. TotalEnergies will get a 6.25 per cent equity stake in the facility, while Eni will take a 3.1 per cent a stake in the project.
The NFE project will expand Qatar’s LNG export capacity from the current 77 million tons per annum to 110 million annually. It is expected to start production in 2026.