Qatar Company For Oil and Exxon Mobile sign a deal at $ 12 billion

Qatar on Wednesday announced it had reached an agreement with the American Exxon Mobile Group at a value of $ 12 billion in order to provide Britain with liquid natural gas as from the winter of 2007-2008.

Qatar's minister of oil and industry Abdullah Bin Hamad al-Aateyah said that Qatar Company For Oil will start with Exxon Mobile work in Qatar's second gas project. He considered that this agreement is the largest in the gas industry history.

Worthy mentioning that the Qatar's second gas project is a joint venture between Qatar's Company For Oil at a rate of 70% and Exxon Mobile at a rate of 30% in order to produce and export some 15.6 million metric tons annually to Britain.

Qatar's reserves of gas in the north gas field are estimated at more than 900 trillion cubic meters.