ExxonMobil, Qatar Petroleum partner on Golden Pass LNG project
Construction of the Golden Pass LNG (liquefied natural gas) export project in Sabine Pass, Texas will begin in the first quarter of 2019 with the facility expected to be operational in 2024.
The Golden Pass facility is being done through a partnership between ExxonMobil and Qatar Petroleum. The two companies made a final investment decision to proceed with development this week.
“Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs,” Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation, said. “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.”
The $10+ billion project will produce around 16 million tons of LNG per year. It is anticipated to create about 9,000 jobs during construction and about 200 permanent jobs during operations. The project could generate up to $31 billion in U.S. economic gains and more than $4.6 billion in direct federal, state and local tax revenues over the life of the project, according to estimates.
Golden Pass is part of ExxonMobil’s plans to build and expand manufacturing facilities in the United States. Toward this end, ExxonMobil will invest more than $50 billion over the next five years. Part of the plan includes the Growing the Gulf initiative, which will create about 45,000 jobs.
Interests in the Golden Pass LNG export project are 70 percent Qatar Petroleum and 30 percent ExxonMobil. Qatar Petroleum is also joining ExxonMobil in exploration and development activities in Argentina, Brazil, and Mozambique.
