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ExxonMobil and Qatar Petroleum take positive FID on Golden Pass LNG

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LNG Industry,

ExxonMobil has announced that it has made a joint final investment decision (FID) with Qatar Petroleum to proceed with the development of the Golden Pass LNG export project in Sabine Pass, Texas, US.

According to the statement, construction will commence in 1Q19, with startup scheduled for 2024.

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp., said: “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.

“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 US.”

The project, valued at over US$10 billion, will be capable of producing approximately 16 million tpy of LNG. It is estimated that it will create around 9000 jobs over the five-year construction period and more than 200 permanent jobs during operations. Preliminary estimates by an independent study suggest that the project could generate up to US$31 billion in US economic gains, as well as more than US$4.6 billion in direct federal, state and local tax revenues over the life of the project.

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

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