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Qatar, Exxon Mobil to build $8.6bn gas project


Qatar said on Thursday it and Exxon Mobil have agreed to jointly develop the Barzan Gas Project, which will provide 1.4 billion cubic feet of gas a day, at a cost of $8.6 billion.

"The estimated total cost of the project will be around $8.6 billion," Energy Minister Abdullah al-Attiyah told reporters upon signing the agreement with Andrew P Swiger, senior vice president of Exxon Mobil Corp.

The project will be located in Ras Laffan industrial city and will be operated by RasGas, processing gas from Qatar's north field to supply power stations and industries in the Gulf state, a statement said.

The project will produce 1.4 billion cubic feet (42 million cubic metres) of gas per day and the first gas flow is planned for 2014.

State-run Qatar Petroleum reportedly owns 93 per cent of the project, with the remainder belonging to Exxon Mobil.

The small emirate, which holds the world's third-largest gas reserves, last month celebrated raising its production capacity for liquefied natural gas to 77 million tonnes annually, enforcing its position as the world's largest producer.