Oil   Gas  

Qatar Petroleum, Exxon Continue Texas LNG Project

Exxon and Qatar Petroleum will proceed with a $10 billion expansion of their Golden Pass liquefied natural gas import terminal in Texas to turn it into an export facility as well, Reuters reports, citing source familiar with the matter.

The third partner in the venture, ConocoPhillips, however, will not be joining them in the expansion and has decided to sell the 12.4% interest it holds in Golden Pass, the sources said, adding that Exxon, which has a 17.4% stake in the project, is the most likely buyer.

Qatar Petroleum is the majority shareholder in the venture with 70%.

The Golden Pass terminal can accommodate up to 56 million cubic meters of natural gas for regasification right now. The sources did not detail the capacity of the future export part of the facility.

Reuters sources also noted that Exxon and Qatar Petroleum have been forging closer ties in the liquefied natural gas segment across the world, from Qatar itself to Mozambique and the United States, which, thanks to the shale gas boom, has become an increasingly important exporter of LNG.

Qatar plans to invest $20 billion in US natural gas, part of a larger US investment campaign by the Qatar Investment Authority that will total $45 billion as it diversifies away from Europe.

Meanwhile, LNG capacity is growing along with demand. Earlier this week, oilfield services provider Baker Hughes’s chief executive, Lorenzo Simonelli said he expected new LNG projects with a total capacity of 100 million tons per year could be approved this year alone.

News No: 3540
Date: 2019/02/04 - 07:43
News Source: Financial Tribune

Qatar  Petroleum  Exxon  Texas LNG Project  Golden Pass 


Leave a Comment:


Official: Iran-Iraq Joint Oil Fields Un-Damaged by Flood

Head of Iran’s Petroleum Engineering and Development Company Turaj Dehqani dismissed the rumors that massive floods have affected crude production in joint oil fields with neighboring Iraq.

Pakistan: Currency Depreciation May Result in Hike in Steel Prices

SteelMint learned in conversation with industry participants that after booking actively during last week, Pakistan scrap importers have slowed down purchases since past couple of days.

Iran’s Oil Minister Sees Easy Way for OPEC+ to Extend Output Deal

A global agreement between the OPEС and non-OPEC countries on oil production cuts could be easily extended, Iran’s Oil Minister Bijan Namdar Zanganeh said in Russia.

Norway Oil, Gas Divestment Spares Producers

Norway took a partial step in divesting oil and gas stocks in its massive $1-trillion wealth fund, approving the sale of smaller exploration companies while sparing the biggest producers such as Royal Dutch Shell Plc and Exxon Mobil Corp.

Gas Production in South Pars Almost Doubles

Iran has bettered Qatar in developing its share of the joint South Pars Gas Field over the past six years.

14 Wells Drilled in Phase 14

Director of a project to drill wells at Phase 14 of the offshore South Pars gas field said 100,000 meters had been drilled in the phase for completing 14 wells.
Upcoming Events
 Mines & Metals

Mine & Business Today

 Scrap & Recycling


Our partners