Minister reveals plans to invest $20bn in US energy sector

09 January 2019
Country will invest in various projects across the US oil and gas sectors

The Energy Ministry says it plans to invest more than $20bn in the US energy sector over the next five years.

Saad al-Kaabi, energy minister and CEO of state-owned Qatar Petroleum (QP), told a conference on 6 January that Doha is looking to invest in the US oil and gas sectors, as well as in unconventional resources.

"North of $20bn will be invested over the next five years in the United States in different projects," Kaabi told the Doha Forum.

He said the main target was to revive the multibillion-dollar Golden Pass LNG (liquefied natural gas) terminal in Texas.

"We are contemplating moving [the project] forward with our partners," said Kaabi, adding that a final decision on the matter would be taken soon.

QP owns 70 per cent of the project, with ExxonMobil and ConocoPhillips splitting the rest.

Kaabi said Qatar's LNG production would rise by 16 million tonnes annually, with an aim of reaching 110 million tonnes a year in five years.

QP on Sunday signed a deal with Italy's Eni to acquire 35 per cent in three offshore oil blocks in Mexico in the second major Qatari investment in the North American country this year.

The deal is to develop production at the three fields to around 90,000 barrels a day of oil in 2021.

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