ExxonMobil has entered an agreement with QatarEnergy to leverage its North Field East project and increase Qatar’s annual LNG capacity from 77 million to 110 million tons by 2026, a press release reported. The terms of the deal remain confidential.
“We are collaborating with QatarEnergy on North Field East to accelerate the production of secure, affordable and cleaner energy our world needs,” chairman and CEO for ExxonMobil, Darren Woods, said in the release. “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.”
Under the joint venture, QatarEnergy will retain 75%. The deal will also grant JV 25% of the entire North Field East project, including “four LNG trains with a combined nameplate capacity of 32 million tons per year,” a recent press release reveals.
The collaboration is expected to contribute a total capacity input of 52 to 60 million tons per year. The deal was recently confirmed at QatarEnergy’s headquarters, based in Doha.
“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,” president and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said. “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.”
Quatar’s Northeastern project was established in 2019. With this launch, the company hopes to increase its LNG export capacity. The initiative is expected to be completed in 2026.
“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,” Al-Kaabi said in the release.