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ExxonMobil to proceed with $10bn LNG export terminal

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ExxonMobil in collaboration with Qatar Petroleum have made a final investment decision (FID) to proceed with the development of the Golden Pass LNG export project located in Sabine Pass, Texas. The $10 billion investment will create thousands of jobs and enable U.S. natural gas producers to more easily access overseas energy markets.
ExxonMobil Chairman and CEO Darren Woods and Qatar Petroleum President and CEO H.E. Saad Al-Kaabi sign the agreement to proceed with construction of the Golden Pass LNG export facility.
(ExxonMobil Chairman and CEO Darren Woods and Qatar Petroleum President and CEO H.E. Saad Al-Kaabi sign the agreement to proceed with construction of the Golden Pass LNG export facility as United States Energy Secretary Rick Perry and Golden Pass Products CEO Sean Ryan look on. Image via ExxonMobil).

With the FID in place, construction of the facility is expected to begin in the first quarter of 2019 with completion, start-up and first exports targeted for 2024.

A statement from ExxonMobil said that the Golden Pass LNG facility will have the capacity to produce around 16 million tons of LNG per year.

The project will also have an enormously positive impact on the region’s jobs market, with upwards of 9,000 jobs expected to be created during the five-year construction phase of the project, followed by more than 200 jobs during operations. Preliminary estimates by an independent study indicate 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.

 “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,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “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”.

Golden Pass is part of ExxonMobil’s plans to invest more than $50 billion 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.

With natural gas production soaring from U.S. shale operations, and foreign energy markets hungry for cheap natural gas and chemicals feedstocks, expect to see more LNG export projects on the near horizon…

With the LNG industry growing…

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ExxonMobil to proceed with $10bn LNG export terminal - Time to read 3 min
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