ExxonMobil signs deal to acquire 25% stake in North Field East LNG expansion project
ExxonMobil and QatarEnergy have signed an agreement to expand the production capacity of the North Field East project located in Ras Laffan, Qatar.
ExxonMobil's participation in the North Field East is expected to increase the total capacity of Qatar's LNG volumes from 52 to 60 million tons per year. According to the terms of the agreement, QatarEnergy and ExxonMobil will form a new joint venture company (JV) in which QatarEnergy will own 75% and ExxonMobil will own the remaining 25%. The JV will own 25% of the North Field East project, which includes four LNG trains with a total nameplate capacity of 32 million tons per year.
QatarEnergy started the operation of the North Field East project in 2019. The first production of LNG from North Field East is expected in 2026.
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