ExxonMobil and Qatar Petroleum Progress LNG Project
15 Novembre 2005 - 5:04PM
Business Wire
In a joint statement issued at the conclusion of an inauguration
ceremony held today in Doha, Qatar Petroleum and ExxonMobil Ras
Laffan (III) Limited, a wholly owned subsidiary of Exxon Mobil
Corporation (NYSE:XOM), announced the launch of Ras Laffan
Liquefied Natural Gas Company Limited (RL3). RL3 is a further
expansion of the existing LNG production facilities operated by
RasGas Company Limited (Qatar Petroleum 70 percent; ExxonMobil 30
percent) at Ras Laffan Industrial city in North Eastern Qatar. This
project is planned to bring the total number of trains operated by
RasGas to seven (Trains 1 and 2 in RL, 3 through 5 in RL II and 6
and 7 in RL 3) and is expected to increase RasGas LNG production
capacity by more than 70 percent. Full-chain investment in RL 3 is
estimated at near $14 billion. This includes the design,
construction and operation of two 7.8 million-ton-per-year (MTA)
LNG Trains 6 and 7, and all other facilities associated with the
development, production, transportation, processing, treatment,
liquefaction, regasification, storage, delivery and sales of
approximately 15.6 million tons a year (MTA) of LNG along with
associated by-products such as liquified petroleum gas,
condensates, helium and sulphur. The new LNG project, one of the
largest ever announced, will be developed in two consecutive phases
with Train 6 scheduled to begin production in the second half of
2008, and Train 7 anticipated to come on stream approximately one
year later. Twenty-eight wells are planned to be drilled to supply
the two trains with natural gas, sourced from Qatar's giant North
Field, which is estimated to contain natural gas resources in
excess of 900 trillion cubic feet. LNG from the project will be
delivered to targeted markets, principally the United States.
Today's ceremony was attended by H.E. Abdullah Bin Hamad Al
Attiyah, Qatar's Second Deputy Premier Minister of Energy and
Industry; H.E. Yousef Hussein Kamal, Minister of Finance, Chairman
of RasGas Board of Directors; The Honorable Samuel Wright Bodman,
U.S. Secretary of Energy; and Mr. Rex Tillerson, President of Exxon
Mobil Corporation, along with other dignitaries and senior
officials representing both RasGas Company Limited and Exxon Mobil
Corporation. Commenting on this milestone development, H.E.
Minister Al Attiyah said, "This project represents another
important step under the ambitious vision of His Highness the Emir,
Sheikh Hamad Bin Khalifa Al-Thani, that aims to ensure the optimal
utilization of the country's hydrocarbon resources by creating
development opportunities for the welfare and prosperity of Qatar.
"RL 3 is indicative of the success we have achieved in
commercializing our substantial gas resources with our valued
partner, ExxonMobil, and we look forward to developing this world
class LNG project as we aggressively pursue Qatar's vision to be
the world leader for LNG development," H.E. Al-Attiyah said.
"ExxonMobil is extremely proud of our partnership with Qatar
Petroleum," said Rex Tillerson. "Working together with our partner
Qatar Petroleum and through the application of technology, we have
significantly reduced the costs of delivering LNG to world markets.
The project will make Qatar Petroleum and ExxonMobil leaders in the
supply of this important fuel to the U.S. gas market. A project of
this scale is only possible through the combined strengths of two
world-class companies, the excellent working relationship that
exists between us, and the hard work of everyone involved,"
Tillerson said. Earlier this year, Engineering, Procurement and
Construction (EPC) contracts for Trains 6 and 7 were awarded to J.
Ray McDermott Middle East for the offshore facilities and to the
Chiyoda Corporation and Technip France Joint Venture (CTJV) for the
onshore work. RL3 also has signed financing documents securing
funds to proceed with execution of the project. In total, $4.6
billion was raised from 19 commercial banks, capital bond market
offerings and loans from ExxonMobil. The capital markets portion of
the financing ($2.25 billion) represents the largest energy project
financing in the history of the capital markets. This was the
initial tranche of a broader $10 billion debt program to underwrite
the remaining expansions for RL 3 and RL II. "The State of Qatar is
very pleased with the success of this landmark financing and we are
well positioned to raise the full $10 billion required for the
expansion of RL II and 3 efficiently and at an attractive cost,"
said H.E. Yousef Hussein Kamal, Minister of Finance. To deliver the
LNG to its targeted markets, RL3 plans to lease 12 LNG tankers to
support Train 6 to be constructed by Hyundai Heavy Industries,
Daewoo Shipbuilding & Marine Engineering and Samsung Heavy
Industries. Daewoo will build five tankers, Samsung four and
Hyundai three. It is expected that an additional six LNG tankers
will be required to support Train 7. CAUTIONARY STATEMENT:
Estimates, expectations and business plans in this release are
forward-looking statements. Actual future results, including
project plans, costs, timing and capacities; actual sales of LNG
and other products; and financing arrangements could differ
materially due to factors including changes in long-term oil and
gas price levels or other market conditions affecting the oil and
gas industry; political or regulatory developments; the outcome of
commercial negotiations; changes in technology; the actions of
competitors; reservoir performance; timely completion of projects
by contractors; technical or operating factors; and other factors
discussed here and under the heading "Factors Affecting Future
Results" included in Item 1 of ExxonMobil's most recent Form 10-K
and posted in the Investor Information section of ExxonMobil's
website (www.exxonmobil.com). References to resources in this
release include quantities that are not yet classified as proved
reserves but that we expect will ultimately be produced.
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