ExxonMobil And QatarEnergy's Golden Pass LNG Project Gets Extended Export Permit From US Energy Department

Chris Wright, the U.S. Secretary of Energy, has granted an extension for the export permit of the Golden Pass LNG project. This project is a collaborative effort between QatarEnergy and ExxonMobil (NYSE:XOM) and is currently under construction in Sabine Pass, Texas.

What Happened: The Department of Energy announced that the extension will provide additional time for the launch of LNG exports to major markets in Asia and Europe from the $10 billion project. The new deadline for the start of exports has been pushed back from Sept. 30, 2025, to March 31, 2027.

The Golden Pass project, expected to begin LNG production in late 2025, will become the ninth-largest export terminal in the U.S. once it’s operational. QatarEnergy has a 70% stake in the joint venture, with ExxonMobil holding the remaining 30%.

Tala Goudarzi, an official from the department’s fossil energy and carbon management division, shared that the Golden Pass was the first project authorized by the DOE for exports to countries without a free trade agreement during the initial Trump administration.

The project developers requested an extension in August due to a shift in main contractors and the need for contingency time due to uncertainties in a project of this scale. The DOE stated that upon completion, Golden Pass will be capable of exporting up to 2.57 billion cubic feet of LNG per day.

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Why It Matters: The U.S. is the largest exporter of LNG in the world. On that note, Secretary Wright stated, "Exporting U.S. LNG supports American jobs, bolsters our national security and strengthens America's position as a world energy leader.”

The Trump administration is resuming approvals for LNG exports after former President Joe Biden temporarily halted them to assess the economic and environmental impacts of the rapidly growing industry.

This extension comes at a time when ExxonMobil’s shares have been under pressure. On Wednesday, ExxonMobil’s shares fell to a new 52-week low, largely due to a drop in oil prices following a rise in U.S. inventories and OPEC+’s decision to proceed with its planned April wind-down of production cuts.

The extended permit for the Golden Pass project could potentially provide a much-needed boost to ExxonMobil’s operations.

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