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FINANCIAL NEWS
Exxon, Qatar Petroleum launch joint gas project
24 Feb 2010
(MENAFN) Exxon Mobil Corporation and Qatar Petroleum (QP) announced the launch of operations at the Al Khaleej Gas-Phase 2 (AKG-2) project, one of the strategic development projects of the North Field, TradeArabia reported.
The AKG project initiated operations in December 2009, and it will have 1,250 million cubic feet per day (mcfd) of sales gas capacity.
Combined with Al Khaleej Gas-Phase 1, which started production in 2005, AKG will have a total capacity of 2,000 mcfd, making it the largest source of domestic gas supply in Qatar, said Abdulla Bin Hamad Al-Attyiah, Deputy Premier Minister of Energy and Industry and Chairman and Managing Director of Qatar Petroleum.
The new facilities are designed to ensure the optimal use of Qatar’s hydrocarbon resources to meet rising demand and contribute to further development of Qatar’s industrial base, Al-Attyiah said.
Exxon Mobil said that it had utilized modern technologies, including its proprietary Fast Drill and well completion technologies, in order to reduce drilling time and optimize the costs.
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