Meed | Exxon explores expanded partnership in Qatar

Exxon explores expanded partnership in Qatar

27 November 2024

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US-based ExxonMobil is exploring an expanded relationship with its partners in Qatar, according to Liam Mallon, the president of the company’s upstream business.

Commenting on Exxon’s business in Qatar, he said: “It’s hugely important. It’s still a very significant piece of our revenue stream, and it is a critical relationship.

“We have a relationship with Qatar Energy well beyond just our business in Qatar.

“They are exploration partners with us in many parts of the world, and we truly see them as a strategic partner.”

He added: “There are opportunities to expand [the] things we work on together, particularly as we think about low-carbon transitions, but also – even the basic technology that LNG [liquefied natural gas] is using … there are lots of changes that technology is enabling.”

He said conversations about changing technology and the implications for projects and returns were “an ongoing discussion” with Exxon’s Qatari partners.

“Qatar Energy has transformed themselves to be an exceptionally capable company with exceptional people, and exceptional leadership – so exactly where that overlap with a great partnership is will likely evolve,” he said.

Exxon has partnered with Qatar Energy since the early 1990s to develop the North Field.

Currently, through LNG joint ventures, it continues to provide technical and management expertise to Qatar.

Earlier this year, Qatar Energy named a new LNG carrier after former Exxon chief executive and energy secretary Rex Tillerson. The move honoured Exxon’s role in developing Qatar’s LNG industry.

Earlier this month, it was announced that ExxonMobil, in partnership with Qatar Energy, plans to drill two more wells in Cyprus’ offshore blocks 5 and 10 in early 2025.

In May this year, ExxonMobil signed a deal with Qatar Energy to farm out a 40% stake in the Cairo and Masry offshore exploration blocks in Egyptian waters.

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Wil Crisp