ExxonMobil and Qatar Petroleum finalized their decision to move forward with the Golden Pass LNG export project. Qatar Petroleum holds a 70% interest while Exxon holds the remaining 30%. The investment is upwards of $10 billion with an estimated LNG capacity of 16 million tons per annum (mtpa). Development will begin in 2019 and exports are planned to start in 2024.
Exxon plans to invest at least $50 billion over five years to build out facilities in the US. The plan includes the Golden Pass project as well as the Growing Gulf initiative, both of which will provide jobs in the US.
The Golden Pass LNG undertaking will also inject $31 billion into the US economy. Exxon’s Chairman and CEO specifically notes that “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 United States.”
