• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 26 mins Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 51 mins Could Venezuela become a net oil importer?
  • 24 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 8 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 10 hours Why is permian oil "locked in" when refineries abound?
  • 3 hours Saudi Arabia turns to solar
  • 6 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 hours Teapots Cut U.S. Oil Shipments
  • 12 hours Oil prices going down
  • 40 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 17 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 13 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 1 day U.S. Withdraws From U.N. Human Rights Council
  • 2 hours EVs Could Help Coal Demand
  • 23 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 13 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
NAFTA Rift Could Be A Boon For Canadian Oil

NAFTA Rift Could Be A Boon For Canadian Oil

President Trump’s plan to renegotiate…

Permian Discount Could Rise To $20 Per Barrel

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

Qatar to Enter North American Shale Gas Industry with Exxon Mobil Deal

On Monday, Exxon Mobil Corp (NYSE: XOM) signed a memorandum of understanding with Qatar Petroleum International (QPI) in which both agreed to work together to evaluate and assess unconventional natural gas reserves in North America, as well as potential liquefied natural gas (LNG) opportunities around the world.

Nasser Al-Jaidah, the chief executive officer of QPI, stated that the deal “signifies our joint interest in expanding our partnership both domestically and internationally in order to address the growing and evolving role of natural gas, which continues to play a larger role in meeting the needs of an increasing population.”

Both companies have a history of working together in Qatar, the number one LNG exporter in the world, and own stakes in LNG terminals in the United Kingdom, Italy, and the United States.

Related article: How to Play the Coming Rise in Natural Gas Prices

QPI has just recently bought oil and natural gas assets in North America, announcing on Monday that, in partnership with Britain’s largest energy supplier, Centrica, it has purchased assets from Suncor Energy in a $986.73 million deal, that also includes some shale gas potential.

The North American shale gas boom over recent years effectively stole a huge customer from Qatar Petroleum, forcing them to find new buyers for millions of tonnes of LNG a year, which they had initially planned to sell to the US.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News