• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 2 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 7 hours It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 1 hour US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 5 mins Recession Jitters Are Rising. Is There Reason To Worry?
  • 4 mins Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 1 hour TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 8 hours Offshore subsea sub 50$/bbl : Rystad Energy: High stakes in store for subsea markets if oil falls to $50/bbl
  • 5 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 1 hour Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 4 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 13 hours US to Drown the World in Oil
  • 2 hours Iran Is Winning Big In The Middle East
  • 13 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
U.S. Is Now Largest Oil… And Gas Producer In The World

U.S. Is Now Largest Oil… And Gas Producer In The World

Petroleum and natural gas production…

Exxon, Qatar Petroleum Continue $10-Bln LNG Project Without ConocoPhillips

golden pass lng

Exxon and Qatar Petroleum will proceed with a US$10-billion expansion of their Golden Pass LNG import terminal in Texas to turn it into an export facility as well, Reuters reports, citing source familiar with the matter.

The third partner in the venture, ConocoPhillips, however, will not be joining them in the expansion and has decided to sell the 12.4-percent interest it holds in Golden Pass, the sources also said, adding that Exxon, which has a 17.4-percent stake in the project, is the most likely buyer. Qatar Petroleum is the majority shareholder in the venture with 70 percent.

The Golden Pass terminal can accommodate up to 2 billion cu ft of natural gas for regasification right now. The sources did not detail the capacity of the future export part of the facility.

The Reuters sources also noted that Exxon and Qatar Petroleum have been forging closer ties in the liquefied natural gas segment across the world, from Qatar itself to Mozambique and the United States, which has thanks to the shale gas boom become an increasingly important exporter of LNG.

At the same time, Qatar is planning huge investments in U.S. natural gas as it seeks to retain the number-one LNG exporter spot, which last November was threatened by Australia. Down Under emerged as the largest LNG exporter globally for that month.

Qatar plans to invest US$20 billion in U.S. natural gas, part of a larger U.S. investment campaign by the Qatar Investment Authority that will total US$45 billion as it diversifies away from Europe.

Meanwhile, LNG capacity is growing along with demand. Earlier this week, oilfield services provider Baker Hughes’s chief executive, Lorenzo Simonelli said he expected new LNG projects with a total capacity of 100 million tons per year could be approved this year alone.

Global LNG consumption is seen to double by 2030, reaching 550 million tons.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play