Exxon joins oil majors in Qatar's North Field East expansion project

22 June, 2022
Source: IranOilGas.com

QatarEnergy on Tuesday signed a deal with Exxon Mobil Corp for the North Field East expansion, following agreements with TotalEnergies , Eni and ConocoPhillips, Reuters reported.

The companies will form a joint venture and Exxon will hold a 25% stake in that, QatarEnergy CEO Saad al-Kaabi said.

The arrangement implies a 6.25% stake for Exxon in the North Field East expansion, Kaabi said.

Exxon said in a statement later on Tuesday the joint venture will hold a 25% interest in the 32 million tons per annum (mtpa) project, which is equivalent to one 8 mtpa LNG train for Exxon. That would make Exxon's share of the project equal to TotalEnergies while Eni and ConocoPhillips have around 3.12% each.

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