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Exxon in talks with U.S. to bring forward Golden Pass LNG expansion

Jun. 21, 2022 8:02 PM ET Exxon Mobil Corporation (XOM)By: Carl Surran, SA News Editor

Exxon Mobil (NYSE:XOM) CEO Darren Woods said on Tuesday the company is in talks with the U.S. government to accelerate the Golden Pass LNG expansion project, S&P Global Platts reports.

The $10B project is on schedule to start up in 2024, but Exxon (XOM) is trying to win approval for startup earlier than planned, Woods said in Doha at a press conference to announce the company’s partnership in QatarEnergy’s North Field East LNG expansion.

The Golden Pass expansion would add natural gas liquefaction and export capacities to the existing terminal at Sabine Pass, Texas, with an estimated capacity of ~18M metric tons/year.

The original Golden Pass LNG project began operations in 2010, with the capacity to process 15.6M metric tons/year of liquefied natural gas; it is a joint venture between Qatar Petroleum (70%) and Exxon (30%).

Exxon Mobil (XOM) closed +6.3% in Tuesday’s trading for its largest percentage gain since November 2020.

VIA Seeking Alpha