QatarEnergy has chosen ExxonMobil as its fourth partner in a massive project to develop the North Gas Field, according to statements made by Saad Al-Kaabi, the state’s Minister of State for Energy Affairs at the Qatar Economic Forum organized by Bloomberg.
Qatar is partnering with international companies in the first and largest phase of the $29 billion expansion that will boost Qatar’s position as the world’s top Liquefied natural gas (LNG) exporter.
The companies will form a joint venture and Exxon will hold a 25 percent stake in that, Qatar Energy CEO Saad al-Kaabi said.
The arrangement implies a 6.25 percent stake for Exxon in the North Field East expansion which is expected to start operations in early 2026, al-Kaabi said.
That would make Exxon’s share of the project equal to TotalEnergies while Eni and ConocoPhillips have around 3.12 percent each.
Oil majors have been bidding for four trains — or liquefaction and purification facilities — that comprise the North Field East project.
In all, the North Field Expansion plan includes six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 to 126 million tonnes per annum by 2027. The fifth and sixth trains are part of a second phase, North Field South.
