Exxon, Qatar Petroleum Investing $10 Billion in Texas LNG Export Plant Expansion

Exxon is teaming up with Qatar Petroleum through a $10 billion project to expand a liquefied natural gas export plant in Texas.

The Golden Pass LNG project in Sabine Pass, Texas is expected to begin early this year as 16 million tonnes of LNG production capacity will be added after the projected 2024 start date.

 “Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs,” Exxon Chief Executive Darren Woods said of the final investment decision.

U.S. Secretary of Energy Rick Perry added, “The deal is proof that two of the world’s top energy producers can work together and “support rather than subvert an open energy marketplace,”

Exxon will hold a 30 percent stake in the Golden Pass and Qatar Petroleum will hold 70 percent.

Exxon has also signed an agreement to buy a 12.4 percent interest in the existing terminal and a pipeline from ConocoPhillips, subject to regulatory approvals.