ExxonMobil, Qatar finalise $10bn LNG export project

ExxonMobil and partner Qatar Petroleum said they made a final investment decision to proceed with the $10 billion development of the Golden Pass LNG export project located in Sabine Pass in the US state of Texas.

Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024.

“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,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “The extensive experience of ExxonMobil and Qatar Petroleum provides the expertise, resources and financial strength needed to construct and operate an integrated liquefaction and export facility in the United States.”

The liquefaction project will have capacity to produce around 16 million tons of LNG per year. It is expected to create about



9,000 jobs over the five-year construction period and more than 200 permanent jobs during operations.

Preliminary estimates by an independent study indicate the project could generate up to $31 billion in US economic gains and more than $4.6 billion in direct federal, state and local tax revenues over the life of the project.

Golden Pass is part of ExxonMobil’s plans to invest more than $50 billion over the next five years to build and expand manufacturing facilities in the US. This includes the Growing the Gulf initiative, which will create about 45,000 jobs in America.

Working interests in the Golden Pass LNG export project are 70 per cent Qatar Petroleum and 30 per cent ExxonMobil. This project builds upon the successful international relationship between ExxonMobil and Qatar Petroleum, with Qatar Petroleum joining ExxonMobil in exploration and development activities in Argentina, Brazil and Mozambique.