ExxonMobil to Help QatarEnergy Develop North Field East Project

By Chris Wack

Exxon Mobil Corp. said it signed an agreement with QatarEnergy to further develop Qatar's North Field East project, which will expand Qatar's annual liquefied natural gas capacity to 110 million tons from 77 million tons by 2027.

Under the terms of the agreement, QatarEnergy and ExxonMobil will become partners in a new joint venture company, in which QatarEnergy will hold a 75% interest with ExxonMobil holding the remaining 25% interest. The joint venture will own 25% of the entire North Field East project, including four LNG trains with a combined nameplate capacity of 32 million tons a year, ExxonMobil said.

QatarEnergy is the operator and began the North Field East project in 2019. First LNG from North Field East is expected in 2025.

Terms of the agreement are confidential, ExxonMobil said.

Also on Tuesday, Credit Suisse raid its recommendation on ExxonMobil shares to outperform from neutral, and raised its price target to $125 from $115 a share.

ExxonMobil shares were up 4% to $89.30 in premarket trading.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

June 21, 2022 07:03 ET (11:03 GMT)

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