Total, Exxon to Exit QG1 JV

Total, Exxon to Exit QG1 JV
Qatar Petroleum has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture upon the expiry of the relevant agreements on December 31.

Qatar Petroleum has announced that it will not be renewing the Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture upon the expiry of the relevant agreements on December 31.

As a result, QP will become the sole owner of 100 percent of the QG1 assets and facilities on January 1, 2022, with affiliates of Total, ExxonMobil, Marubeni, and Mitsui exiting the project. Established in 1984, QG1 was the pioneering LNG project developed in Qatar, whose success paved the way for the development of Qatar’s LNG industry, Qatar Petroleum highlighted.

“The takeover by Qatar Petroleum will conclude more than 25 years of successful operations of QG1, from which the first ever Qatari LNG cargo was exported,” Saad Sherida Al-Kaabi, the minister of state for energy affairs, and the president and chief executive officer of Qatar Petroleum, said in a company statement.

“This is a momentous event that highlights Qatar Petroleum’s efforts to further enhance the utilization of our natural resources for the benefit of our country and its current and future generations as well as to continue serving the world’s need for cleaner energy,” he added.

“I would like to thank our valued partners, Total, ExxonMobil, Marubeni, and Mitsui for their efforts in the development and operation of QG1 over the past three decades. Each one of them has played an instrumental role in the success of QG1,” Al-Kaabi went on to say.

QG1 facilities, which are said to have a production capacity of approximately 10 million tons per annum of LNG, will continue to be operated by Qatargas on behalf of Qatar Petroleum, the company outlined, adding that the asset “will play an important role in supplying LNG to the world’s markets in a safe and reliable manner”.

Qatar Petroleum, which was created in 1974, describes itself as an integrated national oil corporation responsible for the sustainable development of the oil and gas industry in the State of Qatar and beyond. The company’s activities are said to encompass the entire spectrum of the oil and gas value chain and include the exploration, production, processing, marketing, and sales of oil and gas, LNG, natural gas liquids, gas to liquids products, refined products, petrochemicals, fertilizers, steel, and aluminum.

To contact the author, email andreas.exarheas@rigzone.com



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