Qatar Petroleum, Exxon To Proceed With $10 bln Texas LNG Project

[ThunderBlade + 231]

Qatar Petroleum and Exxon Mobil Corp announced on Tuesday they will proceed with a $10 billion project to expand a liquefied natural gas (LNG) export plant in Texas, as companies race to meet global demand for the fuel. Construction of the Golden Pass LNG project, in Sabine Pass, Texas, is expected to begin in early 2019. The project will add production capacity of around 16 million tonnes of LNG per year after it starts up in 2024. Reuters had first reported details of the deal on Feb. 1, based on sources familiar with the matter. “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,” Exxon Chief Executive Darren Woods said about the final investment decision. Worldwide consumption of LNG is expected to more than double to 550 million tonnes a year (mtpa) by 2030, triggering a race among oil and gas companies eager to dominate the market. The expansion is part of Qatar Petroleum’s plans to invest about $20 billion in the United States as the company seeks to increase its overseas oil and gas business. Qatar, a tiny but wealthy country, is one of the most influential players in the LNG market with annual production of 77 million tonnes. It plans to boost capacity 43 percent by 2023-2024.

[Pavel + 384]

So, production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions/sanction against Qatar  in the Middle East. 

[rainman + 263]

Excellent news. Good jobs for Americans and helping with trade with other countries...

[50 shades of black + 254]

 

2 minutes ago, rainman said:

Excellent news. Good jobs for Americans and helping with trade with other countries...

Yep. Some good news for East Texas! This new port is expected to bring roughly 45k jobs to the area...

[pinto + 293]

Hopefully they'll fix the road first...

[ThunderBlade + 231]

18 minutes ago, Pavel said:

So, production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions/sanction against Qatar  in the Middle East. 

Interesting. I wonder why no one put aside Emirates because they have been also declared terrorist support! We are getting closer to the grand-dad, after the grand son ( Qatar) and the son (Emirates) , let focus on the big fish as a for example.... SaudI Arabia... 9/11

[damirUSBiH + 327]

How UAE is still taking gas from Qatar? Oh, I forgot on double standard..

Edited February 5, 2019 by damirUSBiH

[NickW + 2,714]

20 minutes ago, damirUSBiH said:

How UAE is still taking gas from Qatar? Oh, I forgot on double standard..

Will they need to after they have commissioned the 4 nukes at Barakah? I assume most that gas is used for power generation. 

[Bobby P + 88]

Great project! Will create 1000s of jobs and will also meet much needed LNG demand. A no brainer! 

[Nafiu Sulyman + 4]

21 hours ago, ThunderBlade said:

Qatar Petroleum and Exxon Mobil Corp announced on Tuesday they will proceed with a $10 billion project to expand a liquefied natural gas (LNG) export plant in Texas, as companies race to meet global demand for the fuel. Construction of the Golden Pass LNG project, in Sabine Pass, Texas, is expected to begin in early 2019. The project will add production capacity of around 16 million tonnes of LNG per year after it starts up in 2024. Reuters had first reported details of the deal on Feb. 1, based on sources familiar with the matter. “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,” Exxon Chief Executive Darren Woods said about the final investment decision. Worldwide consumption of LNG is expected to more than double to 550 million tonnes a year (mtpa) by 2030, triggering a race among oil and gas companies eager to dominate the market. The expansion is part of Qatar Petroleum’s plans to invest about $20 billion in the United States as the company seeks to increase its overseas oil and gas business. Qatar, a tiny but wealthy country, is one of the most influential players in the LNG market with annual production of 77 million tonnes. It plans to boost capacity 43 percent by 2023-2024.

That's a great move by Qatar! Extending it's business beyond Asia. 

[John Foote + 1,135]

On 2/5/2019 at 3:32 PM, damirUSBiH said:

How UAE is still taking gas from Qatar? Oh, I forgot on double standard..

UAE has no choice really, they absolutely need the gas for now. The bigger surprise is Qatar could have close the valve, and one very large aluminum smelting pot crashes catastrophically. UAE also does a lot of business with Iran, more than Qatar. You want to use banking in Iran. The merchants VPN thru UAE. 

There are more faces to the truth in the region than a disco glitter ball.