A Closer Look at Exxon's LNG Export Venturehttp://www.fool.com/investing/general/2013/06/30/a-closer-look-at-exxons-lng-export-venture.aspx Arjun Sreekumar
June 30, 2013
Last month, ExxonMobil (NYSE: XOM) signed an agreement with Qatar Petroleum that will make it possible for the two companies to export natural gas from their proposed Golden Pass facility in Texas.
If approved, the project could be especially beneficial for the U.K., which has become a major importer of natural gas over the past decade, as its domestic production has fallen sharply in recent years, even plunging to its lowest level since 1985 last year.
Exxon and Qatar's national oil company have agreed to open up capacity at the South Hook receiving terminal in Milford Haven, in south Wales, to take shipments from Golden Pass. Negotiations on the commercial details of the agreement are expected to commence shortly.
The joint venture partners expect sales from Golden Pass to reach as much as 15.6 million metric tons of LNG a year, facilitated by their existing networks and other arrangements. If all that production were t