Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
Golden Pass LNG LLC Announces Award of Major Contract
HOUSTON--(BUSINESS WIRE)--Aug. 1, 2006--Golden Pass LNG LLC today
announced that it has awarded a lump-sum turnkey contract to Chicago
Bridge & Iron Company NV (CB&I) for a liquefied natural gas (LNG)
terminal to be built near Sabine Pass, Texas.
CB&I's work scope includes the engineering, procurement and
construction of facilities with the capacity to process 15.6 million
tons per year (MTA) of LNG, which is the equivalent of approximately 2
billion cubic feet of natural gas a day. The scope of the project
includes the construction of two ship unloading berths, five
full-containment storage tanks, vaporization facilities, gas send-out
and ship unloading systems.
The contract potentially entails in excess of $1 billion, and is
expected to provide a peak employment of more than 1,000 construction
workers. The project is expected to provide job opportunities to
locally-based subcontractors, suppliers and laborers.
Golden Pass LNG LLC, the owner of the Golden Pass LNG terminal, is
expected to be 70 percent owned by an affiliate of Qatar Petroleum,
with affiliates of ExxonMobil and ConocoPhillips each owning a share
in the balance of the interest in the terminal. It is also expected
that LNG for the Golden Pass terminal will be supplied primarily from
the Ras Laffan 3 and the Qatargas 3 projects in Qatar, which will
produce and process natural gas from Qatar's offshore North Field.
"We are pleased to announce that Golden Pass LNG has awarded an
EPC contract to CB&I for this project," said John Plugge, Golden Pass
LNG LLC president. "We are proud to be instrumental in helping to meet
the growing natural gas demand in the U.S., and to help provide
economic opportunities for the workers and businesses in Southeast
Saad Sherida Al Kaabi, a Qatar Petroleum representative, said,
"The progression of the Golden Pass LNG terminal is a major
achievement that is designed to provide the United States an important
additional source of natural gas from Qatar. A project of this size
and complexity, involving multi-billion-dollar investments ranging
from the gas fields and liquefaction facilities in Qatar to the LNG
receiving terminal in Texas, is only possible through the excellent
working relationship that exists between Qatar Petroleum, ExxonMobil
Randy Howard, an ExxonMobil representative, said, "We are proud of
our long-standing relationship with the State of Qatar through our Ras
Laffan 3 and other ventures, and the construction of the Golden Pass
terminal is another important step in strengthening that partnership.
I want to thank those in the federal and state governments as well as
the many local officials and organizations who worked diligently in
the permitting process for the Golden Pass project, which will create
employment opportunities for the region, and provide a secure energy
supply for U.S. gas consumers."
J. Mike Stice, a ConocoPhillips representative, said, "The Golden
Pass terminal is expected to be an important distribution center for
Qatargas 3 LNG to supply much-needed natural gas to customers along
the Texas Gulf Coast and other U.S. markets. Our participation in
Golden Pass represents ConocoPhillips' full-chain commitment to bring
this important energy source to the United States."
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including project plans, capacity and schedules, could differ
materially due to changes in market conditions affecting the oil and
gas industry or long-term oil and gas price levels; political or
regulatory developments; timely completion of development projects;
technical or operating factors; and other factors.
Bob Davis, 713-656-7544
SOURCE: Exxon Mobil Corporation