Qatar, Exxon to proceed with $10b US LNG project

LONDON, Feb 03 (Reuters): Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility in Texas, three people familiar with the transaction said.

ConocoPhillips, the third partner in the existing import terminal, plans to sell its 12.4 per cent stake and does not plan to participate in the expansion, the people said.

LNG demand is soaring. Worldwide consumption of the fuel is expected to more than double to 550 million tonnes a year (mtpa) by 2030, triggering a race among oil and gas companies eager to dominate the market.

Golden Pass LNG began as a receiving and regasification facility in Sabine Pass, Texas able to handle up to 2.0 billion cubic feet of natural gas imports per day.