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ExxonMobil, Qatar Petroleum to proceed with US$10+ billion Golden Pass LNG export project

ExxonMobil and partner Qatar Petroleum have decided to proceed with development of the Golden Pass LNG export project located in Sabine Pass, Texas. Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024.

Goldenpass

The Golden Pass project will add liquefaction and export capabilities to the existing liquefied natural gas import terminal near Sabine Pass. New facilities for natural gas pretreatment and liquefaction will be constructed. The project will utilize existing tanks, berths and pipeline infrastructure.

The $10+ billion liquefaction project will have capacity to produce around 16 million tons of LNG per year (send out capacity). 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.

Working interests in the Golden Pass LNG export project are 70% Qatar Petroleum and 30% 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.

Comments

Engineer-Poet

Wow, Qatar is investing in competition for its own LNG business?  The PTB there must think that the market is growing and their own expertise in production and marketing must be worth more than anything they'd lose from depressing the price.

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