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.
A special ceremony was held at QatarEnergy’s headquarters in Doha to mark the occasion, during which His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and Mr. Darren Woods, the Chairman and CEO of ExxonMobil, signed the partnership agreement in the presence of senior executives from both sides.
The agreement stipulates a new joint venture company (JV), in which QatarEnergy will hold a 75% interest while ExxonMobil will hold the remaining 25% interest. The new JV will own 25% of the entire NFE project, which includes 4 mega LNG trains with a combined LNG capacity of 32 MTPA.
In his remarks during the ceremony, His Excellency Minister Al-Kaabi 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. 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.”
H.E. Minister Al-Kaabi added: “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.”
H.E. Minister Al-Kaabi concluded his remarks by saying: “I would like to thank His Highness the Amir Sheikh Tamim bin Hamad Al Thani for His wise leadership and for his unwavering support to Qatar’s energy sector.”
On his part, Mr. Darren Woods said in comments at the ceremony: “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.”
“This is an important milestone in our longstanding relationship with the State of Qatar and QatarEnergy, which continue to advance their global LNG leadership,” Mr. Woods concluded.
The $28.75 billion NFE project will expand Qatar’s LNG export capacity from the current 77 million tons per annum (MTPA) to 110 MTPA. It is expected to start production in 2026, and employs the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon footprint to the lowest levels possible.