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Exxon Mobil, Qatar Petroleum to Proceed with 10 Billion Dollar Golden Pass LNG Export Project

| Editor: Ahlam Rais

Preliminary estimates indicate that the project could generate up to 31 billion dollars in U.S. economic gains and more than 4.6 billion dollars in direct federal, state and local tax revenues over the life of the project.
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Preliminary estimates indicate that the project could generate up to 31 billion dollars in U.S. economic gains and more than 4.6 billion dollars in direct federal, state and local tax revenues over the life of the project. (Source: Deposit Photos)

The massive project is expected to produce around 16 million tonnes of LNG per year, stimulate local growth and create thousands of jobs. The project is part of Exxon Mobil’s plans to invest more than 50 billion dollars over the next five years to build and expand manufacturing facilities in the U.S.

Texas/USA – Exxon Mobil and partner Qatar Petroleum have recently announced that they have made a final investment decision to proceed with the development of the Golden Pass LNG export project located in Sabine Pass, Texas. Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024.

The 10+ billion dollar liquefaction project will have the capacity to produce around 16 million tonnes of LNG per year. It is expected to create about 9,000 jobs over the five-year construction period and more than 200 permanent jobs during operations. Preliminary estimates by an independent study indicate the project could generate up to 31 billion dollars in U.S. economic gains and more than 4.6 billion dollars in direct federal, state and local tax revenues over the life of the project.

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Golden Pass is part of Exxon Mobil’s plans to invest more than 50 billion dollars over the next five years to build and expand manufacturing facilities in the U.S. This includes the ‘Growing the Gulf’ initiative, which will create about 45,000 jobs in America.

Working interests in the Golden Pass LNG export project are 70 per cent Qatar Petroleum and 30 per cent Exxon Mobil. This project builds upon the successful international relationship between Exxon Mobil and Qatar Petroleum, with Qatar Petroleum joining Exxon Mobil in exploration and development activities in Argentina, Brazil and Mozambique.

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