Exxon Greenlights $10 Billion LNG Project on Texas Gulf Coast

Irving-based Exxon Mobil is making a big bet on the future of exporting natural gas.Exxon and Qatar Petroleum announced Tuesday that they will go ahead with a $10 billion project to expand a liquefied natural gas export facility on the Texas Gulf Coast.Construction will start before April and the plant in Sabine Pass is expected to begin running in 2024, Exxon said in announcing the investment decision.The oil company says the project will create 9,000 jobs during five years of construction and more than 200 permanent jobs.Golden Pass, as the project is known, is part of Exxon's plan to invest more than $50 billion over the next five years to build and expand manufacturing facilities in the U.S. Qatar Petroleum will own a 70 percent stake in the plant, with Exxon holding the other 30 percent.Worldwide demand for liquefied natural gas is soaring, led by a steep increase in imports by China. At the same time, U.S. gas production has set records, with much of it coming from the Permian Basin in west Texas and New Mexico.  Continue reading...

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