Irving — US oil and gas corporation ExxonMobil and state-owned enterprise QatarEnergy announced on Tuesday they have signed an agreement to further develop Qatar's North Field East project.
The agreement will expand Qatar's annual liquefied natural gas (LNG) capacity from 77 million tons to 110 million tons by 2027.
With North Field East, ExxonMobil's participation in Qatar LNG volumes is expected to increase total capacity from 52 to 60 million tons per year.
"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, chairman and chief executive officer for ExxonMobil.
Under the terms of the agreement, QatarEnergy and ExxonMobil will become partners in a new joint venture company, in which QatarEnergy will hold a 75% interest with ExxonMobil holding the remaining 25% interest.
The joint venture will own 25% of the entire North Field East project, including four LNG trains with a combined nameplate capacity of 32 million tons per year.
QatarEnergy is the operator and commenced the North Field East project in 2019.
The expansion of North Field East and increasing LNG export capacity is one of Qatar’s key energy objectives.
First LNG from North Field East is expected in 2026.
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