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Qatar Petroleum to invest $20bn in US oil and gas fields

Qatar Petroleum to focus on oil and gas in the US

The largest liquefied natural gas (LNG) seller in the world, Qatar Petroleum, has invested US$20bn into oil and gas fields in the US.

The firm will invest the money over a period of five years, Saad Sherida al-Kaabi, the company’s CEO, informed Bloomberg.

It is anticipated that some of Qatar Petroleum’s budget will be dedicated to gas supplies to be Exxon Mobil’s Golden Pass LNG export project, located in Texas.

Al-Kaabi noted that a deal with the US with most likely be made “before the end of the year”.

It is unclear if the firm will target oil or gas as part of their US investments, however an additional $5bn will be used to finance downstream assets, which includes chemical projects.

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“We have a huge growth plan,” stated the firm’s Chief Executive Officer, Bloomberg reported.

“We’re talking to many people and many companies in the U.S.” Qatar Petroleum will go “from 4.8 million barrels of oil equivalent a day to 6.5 million” in eight years’ time, he added.

“We’re in the final stages to really make a decision very soon.”

“We are very eager to do the project. We think this is a very important project for us, and we believe we’re aligned with Exxon Mobil on that.”

“We felt we deserved more support from the U.S. than we got […] I don’t think the U.S. administration or the U.S. public understands how important Qatar is and how good Qatar has been to our partners.”

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