WASHINGTON—The U.S. energy secretary, his Qatari counterpart and representatives of Exxon Mobil and the Golden Pass liquefied natural gas facility will announce a Qatari investment in the U.S. on Feb. 5, the Department of Energy said on Feb. 4.
No other details were immediately available. But Reuters reported on Feb. 1 that Qatar Petroleum and Exxon Mobil were expected to announce plans this week to proceed with a $10 billion project expanding the Golden Pass export facility in Texas.
ConocoPhillips, the third partner in the existing LNG export terminal, plans to sell its 12.4% stake and does not plan to participate in the expansion, Reuters reported, citing three people familiar with the transaction.
Golden Pass LNG started as a receiving and regasification facility in Sabine Pass, Texas able to handle up to 2 billion cubic feet of natural gas imports per day. But as U.S. gas production has soared, the demand for export capacity has risen.
The facility expansion is part of Qatar Petroleum’s plans to invest about $20 billion in the United States as the firm seeks to increase its overseas oil and gas footprint.
For years, the hinterlands of the Permian Basin have suffered, yet E&Ps in the Delaware and Midland basins are returning to the periphery of the play, and many of them have something to prove—or at least prove up.
SRC Energy said the acquisition of about 30,000 acres will boost its leasehold by 50% and its drillable locations by 55%.
Exco contends in legal and regulatory filings that Chesapeake’s termination of a gas purchase contract has stalled its $300 million Eagle Ford sale.