U.S., Qatar to Announce Doha Investment With Exxon Mobil

U.S. Department of Energy says announcement to be made Tuesday following a report on Qatar Petroleum and Exxon Mobil planning to proceed with $10 billion project

A sign for an Exxon gas station stands in a Brooklyn neighborhood of New York City, October 28, 2016
AFP

The U.S. energy secretary, his Qatari counterpart and representatives of Exxon Mobil and the Golden Pass liquefied natural gas facility will announce a Qatari investment in the United States on Tuesday, the Department of Energy said on Monday.

No other details were immediately available. But Reuters reported on February 1 that Qatar Petroleum and Exxon Mobil were expected to announce plans this week to proceed with a $10 billion project expanding the Golden Pass export facility in Texas.

ConocoPhillips, the third partner in the existing LNG export terminal, plans to sell its 12.4 percent stake and does not plan to participate in the expansion, Reuters reported, citing three people familiar with the transaction.

Golden Pass LNG started as a receiving and regasification facility in Sabine Pass, Texas able to handle up to 2 billion cubic feet of natural gas imports per day. But as U.S. gas production has soared, the demand for export capacity has risen.

The facility expansion is part of Qatar Petroleum’s plans to invest about $20 billion in the United States as the firm seeks to increase its overseas oil and gas footprint.