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Qatar Petroleum and ExxonMobil to proceed with LNG expansion project in Texas

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LNG Industry,

According to Reuters, Exxon Mobil Corp. and Qatar Petroleum are expected to announce plans this week to proceed with the development of a US$10 billion expansion project at an LNG facility in Texas, US.

The three sources that revealed this information also reportedly said that ConocoPhillips (the third partner in the terminal) is planning to sell its stake (12.4%) and is not planning to take part in the expansion project.

According to Reuters, the potential expansion project was first announced in 2014. Reuters also reports that the project is part of Qatar Petroleum’s plans to invest approximately US$20 billion in the US, as the company looks to grow its oil and gas footprint overseas.

Two of the sources reportedly said that ExxonMobil is the most probably buyer of ConocoPhillips’ stake. According to Reuters, the sources added that the existing partners do not wish to bring another participant into the mix, as project plans are already in the advanced stages.

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