Exxon Mobil takes stake in $29 billion Qatar Gas Project

Exxon Mobil Corp. is investing in a $29 billion project to boost Qatar's gas exports, joining others including ConocoPhillips, TotalEnergies SE of France and Italy's Eni SpA.

The U.S. firm will take a 6.25% stake in the North Field East project, which is expected to start operating in early 2026. The expansion will increase Qatar's liquefied natural gas capacity to 110 million tons annually from 77 million, just as demand surges across the world.

European buyers have rushed to secure non-Russian supplies since Moscow's invasion of Ukraine. Gazprom PJSC last week reduced pipeline gas flows, underscoring the continent's vulnerability and raising the specter of fuel rationing. Prices in Europe surged 43% last week.