Along with ConocoPhillips, TotalEnergies, and Eni SpA, ExxonMobil Corporation is participating in a $29 billion project to increase Qatar’s gas exports. The largest gas sector project, North Field East, which is scheduled to begin operations in early 2026, will receive a 6.25 percent interest from the US oil giant. As global demand for liquefied natural gas soars, the development will raise Qatar’s capacity to 110 million tons yearly from 77 million.
Since Moscow’s invasion of Ukraine, European consumers have hurried to acquire non-Russian gas supply. The continent’s vulnerability was highlighted and the possibility of fuel rationing was raised when Gazprom PJSC restricted pipeline gas deliveries. In consequence, prices have skyrocketed in Europe.
One of the few countries that can significantly replace Russian gas supplies to Europe is Qatar, one of the greatest LNG exporters in the world, but only until the additional gas begins to flow. North Field South is the name of the second phase of Qatar’s expansion. The nation will then produce 126 million tons of LNG annually. Many of the collaborators on that project will also be involved in North Field East.