Qatar Petroleum will invest $20 billion over five years in US oil and gas fields, Bloomberg reported.
Qatar will likely announce a deal with the US “before the end of the year,” company CEO Saad Sherida al-Kaabi stated.
He declined to comment on whether the company will invest in oil or gas.
“We have a huge growth plan,” al-Kaabi said. “We’re talking to many people and many companies in the US.”
He added that the company plans to increase production “from 4.8 million barrels of oil equivalent a day to 6.5 million” within the next eight years.
Some of the investment is expected to be put towards gas supplies for the Golden Pass LNG terminal in Texas, a joint venture 70% owned by Qatar Petroleum, 17.6% by ExxonMobil, and 12.4% by ConocoPhillips.
Qatar Petroleum is interested in both shale and conventional resources, according to al-Kaabi, the company is also looking at contractor bids for the Golden Pass project, and will decide whether to move forward with the project by Q1 2019.
“We’re in the final stages to really make a decision very soon,” he said. “We are very eager to do the project. We think this is a very important project for us, and we believe we’re aligned with Exxon Mobil on that.”
Qatar is also looking to invest an additional $5 billion in downstream assets including chemicals projects.
Qatar Petroleum is currently the world’s largest exporter of liquefied natural gas. However, the US and Australia are closing the gap, with their exports rising steadily.