Qatar Petroleum and ExxonMobil greenlight $10bn LNG project

Qatar's Minister of State for Energy, and CEO of Qatar Petroleum, Saad bin Sherida al-Kaabi, met with US Energy Secretary Rick Perry ahead the historic Golden Pass project signing. Secretary Perry emphasized that the continued cooperation between the United States and Qatar in the energy sector will enhance the security and prosperity of both countries.

The Golden Pass LNG project in Texas, a conversion of a site originally built as a gas import facility, is intended to come on stream in 2024, exporting 16m tonnes of LNG a year.

It is owned 70 per cent by Qatar Petroleum and 30 per cent by Exxon, extending a longstanding partnership between the two companies that includes co-operation on giant LNG export projects in Qatar.

Darren Woods, Exxon’s chief executive, said in a statement that Golden Pass would “provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs”.

The project is expected to create about 9,000 jobs over its five-year construction period, and more than 200 when in operation.

Mr Woods also highlighted the importance of the financial strength of Exxon and Qatar Petroleum in being able to make the investment.

The Center for LNG, an industry group, welcomed the announcement. Charlie Riedl, the group’s executive director, said the announcement “paves the way for a great year for US LNG.”