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Oil & Gas

Ocean LNG to Offtake and Market Golden Pass LNG Volumes

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Qatar Petroleum announced today that Ocean LNG Limited (Ocean LNG) will be responsible for the offtake and marketing of all LNG volumes to be produced and exported from the Golden Pass LNG Export Project (Golden Pass LNG) located in Sabine Pass, Texas.

Ocean LNG is an international joint venture marketing company, owned by affiliates of Qatar Petroleum (70%) and ExxonMobil (30%). Earlier this year, Ocean LNG entered into a binding LNG Sales and Purchase Agreement with Golden Pass Products LLC to purchase and offtake all the LNG volumes to be produced by Golden Pass LNG.

Since its establishment, Ocean LNG has been active mainly in South America and Europe. Following a successful Final Investment Decision of Golden Pass LNG on 5 February 2019, Ocean LNG will now focus its efforts on marketing its US LNG volumes in the Asia Pacific region through further extensive engagements. It will also expand its relations and networks with both established customers as well as emerging and prospective LNG buyers, while at the same time maintaining a strong footprint across South America and Europe.

QP_President_CEO

HE Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, commented:

The FID of Golden Pass LNG earlier this year underpins Ocean LNG’s marketing efforts to deliver US LNG to customers across the globe. This is a further testament of Qatar Petroleum’s position as a global LNG leader with a large portfolio capable of offering tailored LNG supply structures and commercial terms in an evolving global LNG environment.’

Ocean LNG will be prominently featured for the first time as part of the Qatar Petroleum pavilion at the upcoming global industry event, LNG 19, which will be held in Shanghai, China between 1–5 April 2019.

Golden Pass LNG is situated in a prime location with well-established connectivity to extensive natural gas resources in the United States and has shipping access to both the Atlantic and Pacific basin markets. Golden Pass LNG, which received all necessary regulatory approvals for the export of LNG from the US Federal Energy Regulatory Commission and the US Department of Energy, was sanctioned in early February of this year by its shareholders, and construction activities at its site are expected to commence imminently.

 

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