Qatar Petroleum and ExxonMobil to Launch Barzan Gas Project
Posted: 26 February 2007
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Qatar Petroleum and Exxon Mobil Corporation (NYSE:XOM) announced that Qatar Petroleum has offered participation in the Barzan gas project and rights for participation in all future phases of the project to ExxonMobil Middle East Marketing Ltd. (ExxonMobil). In parallel with these discussions, the two entities have collectively decided not to progress the Gas to Liquids (GTL) project and instead to pursue the development of the Barzan Project in the North Field.
The initial phase of the Barzan project will supply domestic gas to meet the State of Qatar's infrastructure and industry growth. Qatar Petroleum and ExxonMobil have agreed to form a joint venture to oversee the project development.
"The Barzan Project is a very important strategic project for Qatar ," said H.E. Abdullah bin Hamad Al-Attiyah, Second Deputy Premier, Minister of Energy and Industry and Chairman of Qatar Petroleum. "We welcome ExxonMobil as our partner in the Project."
Stuart McGill, Senior Vice President of Exxon Mobil Corporation, said, "We understand that the Barzan Project is a priority for the State of Qatar. We are pleased to have been the only international oil company selected to participate in the Barzan Project and look forward to continuing our successful partnership with Qatar Petroleum."
Qatar Petroleum and ExxonMobil have signed a Statement of Participation Principles for the Barzan Project and a Heads of Agreement (HOA) for all future phases of the Barzan Project. It is expected that the initial phase of the Barzan Project will yield about 1.5 billion cubic feet per day of sales gas with the startup anticipated in the year 2012. |
