Ahead of December’s World Petroleum Congress in Doha, Rex Tillerson, ExxonMobil’s chairman has spoken of his delight at being involved in the Qatari energy industry, and the importance of the US$8.6 billion Barzan deal with Qatar Petroleum.
“We are proud of the unique and historic partnership with the government and people of Qatar of which the Barzan project is just the latest example. The Barzan Project will produce and process gas from Qatar’s North Field to supply sales gas to power stations and industries in Qatar, ethane to the petrochemicals industry in Qatar and associated liquid hydrocarbons for sale into local and international markets. The Barzan Project is expected to supply 1.4 billion cubic feet per day of gas with first gas flow planned for 2014,” said Tillerson.
The project, to be operated by RasGas Company Limited, is another major step in ExxonMobil’s long relationship with Qatar Petroleum. “This new domestic gas project will support the economic growth of Qatar and will create and deliver sustainable, long-term benefits for the Qatari community. We are proud of the relationship we have developed with Qatar Petroleum. We appreciate the confidence entrusted in ExxonMobil in the past decade. We look forward to continuing our involvement in Qatar and building on our successful partnership over decades to come,” said Tillerson.
ExxonMobil will arrive in Doha at the 20th WPC on a appositive wave of industry-leading third quarter results, which saw the company book $10.33 billion profits, (an increase of 41% or $2,980 million from the third quarter of 2010.
The company also confirmed capital and exploration expenditures for the period of $8.6 billion, roughly consistent with the third quarter of 2010.
“In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation,” said Tillerson.
Speaking of the upcoming World Petroleum Congress, Tillerson said: “This international conference and exhibition provides an excellent opportunity for stakeholders in the energy industry to discuss the challenge of meeting growing world energy requirements while reducing environmental impacts of energy development and use.”
He also added that it is a relevant time for the global event to be held in Doha.
“The World Petroleum Congress is taking place in the Middle East for the first time. We are proud to support Qatar as the event’s first regional host and have partnered with the State of Qatar for more than 15 years. Under the leadership of His Highness the Emir and the strong commitment of Deputy Prime Minister Al-Attiyah, Qatar has created the business environment necessary to attract the investment required to develop Qatar’s oil and natural gas resources. This is truly remarkable, especially when you consider the fact that in the early 1990s, Qatar’s natural gas resources were in effect stranded due to the long distances between Qatar and the end user markets for natural gas.”
As the world’s energy needs continued to grow at a very rapid pace, Qatar had the vision to implement important innovations in LNG technology and market development, which have led to Qatar’s unprecedented expansion and success.
“We believe our joint success is a testament to what is possible when national and international energy companies work together. Our partnerships are maximizing the value of Qatar’s energy resources through the development of new technologies, which are opening up new natural gas markets around the world,” said Tillerson.
Qatar has become one of the world’s leading energy-providing nations and its responsible energy development and social advancement is an example of what can be achieved through cooperation, innovation and investment.
Tillerson said he would like to build on ExxonMobil’s role in Qatar in particular and in the Middle East in general.
“ExxonMobil has a successful history of working with governments and partners around the world to maximize the value of their resources. What ExxonMobil offers resource owners in the Middle East and around the world are experienced people, innovation and technology, and operations and project management capability unmatched in the industry.
“ When we signed the first agreement to develop what would become Qatargas 1, we knew that Qatar’s North Field represented a potential world-class LNG development. But the success of that development exceeded even the most optimistic of projections. By combining the unique strengths of Qatar Petroleum and ExxonMobil in a model partnership, we were afforded the opportunity to work together and seek innovative solutions to unique challenges, which have resulted in the extremely successful LNG business we have today.”
The World Petroleum Congress will take place in Doha, running from 4 – 8 December. Following the Opening Plenary with six oil and gas ministers from the Middle East, ExxonMobil’s CEO Rex Tillerson and Shell’s CEO Peter Voser will be joining Qatar’s Minister of Energy and Industry, His Excellency Dr. Mohammed bin Saleh Al-Sada, in a high-level presentation of Qatar’s role in the future energy landscape.
Other names participating in the Congress include Robert Dudley from BP, Russia’s Energy Minister Sergei Schmatko, Christophe de Margerie from Total, José Sergio Gabrielli from Brazil’s Petrobras, and Nobel Peace Prize recipient FW de Klerk from South Africa.
