ExxonMobil and QatarEnergy signed an agreement to further develop Qatar's North Field East project to expand Qatar's annual LNG capacity from 77 million tons to 110 million tons by 2026, the companies announced in joint statement on Tuesday.
'We are collaborating with QatarEnergy on the North Field East to accelerate the production of secure, affordable and cleaner energy our world needs,' Darren Woods, chairman and chief executive officer for ExxonMobil, was quoted as saying in the statement.
ExxonMobil's participation in Qatar LNG volumes with the North Field East is estimated to enhance total capacity from 52 to 60 million tons per year.
As part 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 JV 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.
First LNG from North Field East is expected in 2026.
By Sibel Morrow