QatarEnergy and ExxonMobil have received more time to finish building their LNG plant in Texas
A partnership between QatarEnergy and ExxonMobil has received a three-year extension to finish the Golden Pass liquefied natural gas (LNG) facility in Texas.
A document released on Thursday stated that US federal regulators approved the extension because the main construction contractor, Zachry Holdings, filed for bankruptcy in March, according to a disclosure from the Federal Energy Regulatory Commission.
The Golden Pass Project
The Golden Pass project is located at the Sabine Pass site, which was once a gas import terminal but has been changed to export natural gas as LNG. According to Reuters, it is one of two major American facilities expected to significantly increase gas supplies in the next year.
Zachry Holdings has filed for bankruptcy, saying the Golden Pass project, also known as GPX, has gone over budget by at least $2.4 billion. A new main contractor has not been announced yet, as McDermott International is in talks to take on that role.
QatarEnergy owns 70% of Golden Pass, while ExxonMobil owns 30%.
Natural Gas Marketing
ExxonMobil and QatarEnergy have decided to sell liquefied natural gas (LNG) from their joint venture, Golden Pass, on their own in the U.S. This ends their partnership that was originally set up to market LNG from this facility.
Financials
ExxonMobil’s profits grew by 17% in the second quarter of the year, reaching $9.2 billion, up from $7.88 billion during the same time last year. This increase was due to higher oil production.
Similarly, the company’s revenue went up by 12%, rising to $93.1 billion from $82.9 billion a year earlier, exceeding analysts’ expectations of $90.99 billion.
Published: 25th October 2024
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