Exxon QP North Adriatic LNG terminal Agreement
Posted: 22 November 2003
Exxon Mobil Corporation and Qatar Petroleum (QP) announced today
their acquisition of a 90 percent interest in the Edison Gas North
Adriatic Liquefied Natural Gas (LNG) Terminal Project. Also, Ras
Laffan Liquefied Natural Gas Company Limited II (RasGas II) and
Edison Gas S.p.A. of Italy signed amended Sale and Purchase Agreements
to increase LNG supplies from the initially agreed level of 3.5
million tons annually (MTA) to 4.7 MTA of LNG, commencing in 2007.
The North Adriatic LNG Terminal will be located offshore of the
northern coast of Italy. The Terminal Agreements provide for a 90
per cent interest for Qatar Petroleum and ExxonMobil, while Edison
Gas S.p.A. will maintain a 10 percent share. QP and ExxonMobil's
shares will be equally divided between the two companies, which
will each own a 45 per cent share of the terminal equity.
The agreements cover the development of an offshore gasification
facility utilizing the most advanced technologies. Startup is scheduled
for 2007 and it is anticipated that the front-end engineering and
design contract (FEED) for the terminal should be signed within
the next few weeks.
The North Adriatic LNG Terminal is expected to provide the Italian
energy sector with the most modern state-of-the-art terminal facilities
and to support the Italian government's efforts to secure the country's
increasing energy demands in the long-term.
The gas for this project will be sourced from Qatar's giant North
Field, which has recoverable resources of more than 900 trillion
cubic feet of gas.
For more information see www.exxonmobil.com.
Posted by Richard Price,
Editor Pipeline Magazine
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