Exxon Mobil is making a big bet on the future of exporting natural gas.
Exxon and Qatar Petroleum announced Tuesday that they will go ahead with a $10 billion project to export liquefied natural gas from a plant on the Texas Gulf Coast.
The companies said construction at the Golden Pass plant in Sabine Pass, Texas, would start before April, and the export operation is expected to begin running in 2024.
Exxon said the project will create 9,000 jobs during the five years of construction and more than 200 permanent jobs. Exxon Chairman and CEO Darren Woods said it would provide a long-term supply of liquefied natural gas and stimulate the local economy.
The Golden Pass plant opened in 2010 to import gas that has been chilled into liquid form, allowing it to be loaded on to tankers for shipment. Its backers saw a market in importing natural gas, a cleaner fuel than oil.
As U.S. gas production soared in this decade, however, with much of it coming from the Permian Basin in west Texas and New Mexico, Exxon and others studied ways to boost sales by using the suddenly abundant supply to meet surging global demand.Read More