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A planned $10bn Qatar Petroleum/Exxon JV will likely be an early beneficiary of a more streamlined licensing process for rights to export LNG from the US.
Golden Pass Products, owned by Qatar Petroleum (QP, 70%) and ExxonMobil (30%), hopes to convert existing LNG import infrastructure at the Golden Pass facility in Texas into an export facility with a capacity of up to 15.6mn tons/year from 2020.
US gas output has soared by a third to 24 tcf (680 bcm) over the past eight years; the US government’s Energy Information Administration predicts a 56% increase between 2012 and 2040, with output to hit 36.7 tcf by the latter date. This has led gas prices within North America to fall dramatically and US oil and gas firms to look to export gas as LNG to tap far better-paying international markets.
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