XOM - Big Oil firms bid for Qatar LNG project despite reduced returns - Reuters

CHUNYIP WONG/E+ via Getty Images Six major western energy companies are seeking to partner in the expansion of Qatar's liquefied natural gas production, Reuters reports, citing industry sources. Exxon Mobil (XOM), Royal Dutch Shell ([[RDS.A]], [[RDS.B]]), TotalEnergies (TOT) and ConocoPhillips (COP), which are part of Qatar's existing LNG production, were joined by new entrants Chevron (CVX) and Eni (E) in submitting bids on May 24 for the expansion project, according to the report. Qatar Petroleum is moving ahead alone with the development of the nearly $30B North Field expansion project, but it reportedly wants to partner with western majors to help share the financial risk of the development and help sell the additional volumes of LNG it will produce. The interest in the Qatari expansion comes despite relatively low returns: QP offered international bidders returns of 8%-10% on their investment, down from 15%-20% returns Exxon, Total, Shell and Conoco have

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Big Oil firms bid for Qatar LNG project despite reduced returns - Reuters