Exxon joins oil majors in #Qatar's mega-LNG expansion project | Reuters

Exxon joins oil majors in Qatar's mega-LNG expansion project | Reuters

QatarEnergy on Tuesday signed a deal with Exxon Mobil Corp (XOM.N) for the Gulf state's North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies , Eni (ENI.MI) and ConocoPhillips (COP.N).

Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar's position as the world's top LNG exporter. read more

The companies will form a joint venture and Exxon will hold a 25% stake in that, QatarEnergy CEO Saad al-Kaabi said.

The arrangement implies a 6.25% stake for Exxon in the North Field East expansion, Kaabi said.

Exxon said in a statement later on Tuesday the joint venture will hold a 25% interest in the 32 million tonnes per annum (mtpa) project, which is equivalent to one 8 mtpa LNG train for Exxon.