New Economies of Scale to Bring More LNG to Global Market
Public Company Information:
IRVING, Texas--(BUSINESS WIRE)--Qatar Petroleum and Exxon Mobil Corporation (NYSE:XOM) today announced the completion and start-up of Qatargas 2 Train 5, one of the largest operating liquefied natural gas (LNG) production facilities in the world.
This follows the start-up of the Qatargas 2 Train 4 in the second quarter of 2009. Each is designed with the capacity to produce 7.8 million tons per year, approximately 50 percent larger than any other global liquefaction facility currently operating outside of Qatar.
"The start-up of Qatargas 2 Train 5 represents another technological milestone in our effort to increase global supplies of clean-burning natural gas,” said Neil Duffin, president of ExxonMobil Development Company. "Technological advances pioneered by Qatar Petroleum and ExxonMobil have enabled us to achieve new economies of scale for LNG development using natural gas from Qatar’s North Field. We congratulate the many people whose efforts during the last several years made possible the start-up of the world's largest LNG trains.”
Qatargas 2 links natural gas production, liquefaction, shipping and regasification infrastructure together into a single fully integrated LNG development and supply initiative. In addition to Trains 4 and 5, the Qatargas 2 joint venture encompasses a fleet of world-class Q-Max and Q-Flex carriers and the newly commissioned South Hook Terminal in Milford Haven, Wales.
“When combined, these technology breakthroughs are enabling more efficient production and transportation of natural gas and will allow us to provide more natural gas to markets throughout the world," said Duffin.
ExxonMobil’s joint venture LNG projects in Qatar are facilitating the development of a global market for cleaner-burning natural gas. ExxonMobil is also participating in the development of LNG projects in Papua New Guinea and Australia.
Liquefied natural gas is one of the fastest growing sources of energy supplies. Global LNG demand is expected to reach approximately 500 million tons per year by 2030, an increase of over 200 percent since 2005.
NOTES TO EDITORS: Qatargas 2 Train 4 shareholder interest is Qatar Petroleum (70 percent), ExxonMobil (30 percent). Qatargas 2 Train 5 shareholder interest is Qatar Petroleum (65 percent), ExxonMobil (18.3 percent) and Total (16.7 percent). South Hook LNG Terminal Company Ltd. is owned by Qatar Petroleum (67.5 percent), ExxonMobil (24.15 percent) and Total (8.35 percent).
CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including production rates, project plans, schedules, costs, commercial arrangements and resource recoveries could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" included in Item 1A of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). References in this release to quantities of gas include amounts that are not yet classified as proved reserves but that we believe will ultimately be produced.
Margaret Ross, 713-656-4376