Exxon Mobil Enters Saudi Arabia's Gas Projects Amid $100 Billion Energy Investment Scheme

Exxon Mobil, the No. 1 US oil company, has taken a major step forward in its bid to participate in Saudi Arabia's ambitious energy investment scheme by signing a letter of intent. This follows the recent moves by European oil giants Royal Dutch/Shell and BP, who have also expressed interest in the $100 billion project. The kingdom has short-listed a dozen international firms, with potential consortiums for gas investments being formed, and firms expected to sign letters of intent by the end of the year.

Key Takeaways:

• Exxon Mobil has signed a letter of intent to participate in Saudi Arabia's gas opening to foreign firms, joining Royal Dutch/Shell and BP in the process.
• Saudi Arabia's $100 billion energy investment scheme aims to attract foreign companies to invest in its upstream energy sector.
• The kingdom has short-listed a dozen international firms, including US companies Chevron, Phillips Petroleum, Texaco, Conoco, Enron, Occidental Petroleum, Marathon Oil, Total Fina Elf, and ENI.
• Firms participating in the gas projects are expected to submit letters of intent by the end of this year, with memorandums of understanding to follow in early 2024.
• Industry sources expect Chevron to submit a letter of intent, and Phillips Petroleum to move ahead with its bid for a couple of projects.

Statistics:

• $100 billion: the amount of Saudi Arabia's energy investment scheme.
• 12: the number of international firms short-listed for investment in Saudi Arabia's upstream energy sector.
• 3: the number of potential foreign consortiums formed for gas investments.
• 2024: the expected timeframe for firms to submit memorandums of understanding.

Sources:

• Exxon Mobil spokeswoman, quoted in the article.
• Industry sources, quoted in the article.
• Reuters Correspondent, reporting on Chevron's and Phillips Petroleum's involvement in the projects.