© Reuters. The ExxonMobil logo in Texas, photo from the Reuters archive.
HOUSTON (Reuters) – Neil A. Champagne, vice president of US oil giant ExxonMobil, said on Monday the company was in a strong position in negotiations with Qatar over an agreement on the North Field expansion project, the world’s largest liquefied natural gas field.
Next year, Qatar is expected to announce its partners in the project, which costs about 30 billion dollars.
The Gulf state plans to increase its production of liquefied petroleum by 40 percent to 110 million tons annually by 2026, consolidating its position as the world’s largest exporter of that source of energy.
Champagne said in an online conference that Exxon hopes to succeed in its bid to participate in the expansion project with Qatar Petroleum, its long-time partner.
But he said the US company could accelerate its investments in Guyana, Permian and other projects elsewhere that are also cost-competitive.
“We have options around the world and they are all very competitive… We are very, very frankly very fortunate to be in this position,” he added at the conference organized by the Energy Intelligence Forum.
Qatar Petroleum unilaterally decided to go ahead with the project and was trying to negotiate better contractual terms after Qatar became less financially dependent on oil majors.
ExxonMobil is currently involved in the production of LNG in Qatar along with Royal Dutch Shell (LON:), Total (PA:) Energies and ConocoPhillips. Chevron (NYSE:) Corp and Italy’s Eni also submitted bids.
(Prepared by Ali Khafaji for the Arabic Bulletin)
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