Just days before Christmas, the U.S. Federal Energy Regulatory Commission (FERC) gave ExxonMobil a gift: a permit to export natural gas from its Golden Pass LNG (liquefied natural gas) facility located in Sabine Pass, Texas.
Dubbed Golden Pass Products, the expansion of this LNG facility to export gas is a joint venture between Exxon (30 percent stake) and Qatar Petroleum (70 percent stake), the state-owned oil company. Golden Pass LNG is now the fourth LNG export facility, and third situated along the Gulf of Mexico, approved under the Obama administration.
This facility will continue to open up the global market to U.S. natural gas obtained via hydraulic fracturing (“fracking”).
The permit for Golden Pass comes shortly after Exxon's CEO, Rex Tillerson, was named Trump's nominee for U.S. Secretary of State and will likely face a tough Senate confirmation hearing in January, mainly due to his close ties to Russia.