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ExxonMobil and QatarEnergy ink North Field East LNG deal

ExxonMobil and QatarEnergy ink North Field East LNG deal

 

On 21 June, ExxonMobil and QatarEnergy announced they signed an agreement to further develop Qatar’s North Field East project. The large project is to expand Qatar’s LNG capacity from 77 million tonnes per annum (mtpa) to 110 mtpa by 2027.

ExxonMobil is QatarEnergy’s fourth partner in this project; QatarEnergy firstly announced a partnership with France’s TotalEnergies, with Italy’s Eni, and then with ConocoPhillips.

With North Field East, ExxonMobil’s participation in Qatar LNG volumes is expected to increase total capacity from 52 to 60 mtpa. Under the terms of the agreement, the parties will become partners in a new joint venture company (JV). In this JV, QatarEnergy will hold a 75 per cent interest with ExxonMobil holding the remaining 25 per cent interest.

The JV will own 25 per cent of the entire North Field East project, including four LNG trains with a combined nameplate capacity of 32 mtpa.

“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, CEO 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… 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 Saad Sherida Al-Kaabi, CEO of QatarEnergy.

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. The first LNG from North Field East is to come in 2025.

ExxonMobil has had a presence in Qatar since 1955, supporting the development of the country’s LNG industry and energy sector.

The terms of the agreement remain confidential.

Read the latest issue of the OGV Energy magazine HERE

Published: 21-06-2022

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