ExxonMobil and partner Qatar Petroleum have announced that they have made a final investment decision to proceed with 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.
“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,” says 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.”
The USD 10+ billion liquefaction project will have capacity to produce around 16 million tonnes of LNG per year. It is expected to create about 9,000 jobs over the 5-year construction period and more than 200 permanent jobs during operations. Preliminary estimates by an independent study indicate the project could generate up to USD 31 billion in US economic gains and more than USD 4.6 billion in direct federal, state and local tax revenues over the life of the project.
Golden Pass is part of ExxonMobil’s plans to invest more than USD 50 billion over the next 5 years to build and expand manufacturing facilities in the US. 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% Qatar Petroleum and 30% ExxonMobil. This project builds upon the successful international relationship between ExxonMobil and Qatar Petroleum, with Qatar Petroleum joining ExxonMobil in exploration and development activities in Argentina, Brazil and Mozambique.