ExxonMobil, Qatar Petroleum Line up $10.4 Billion for Barzan Gas Project in Qatar

Exxon Mobil Corp. and Qatar Petroleum officials have lined up $10.4 billion for a natural gas project in Qatar, according to various media reports. The amount is being touted as one of the largest financing project in the oil and gas industry,

The project will be financed with up to 30 percent equity and the remaining 70 percent will come from a syndicated loan of about $7.2 billion, Qatar Petroleum told Dow Jones Newswires in an email.

The Barzan Gas Project aims to produce 1.4 billion cubic feet of gas per day from the country's North Field starting in 2014, said ExxonMobil on its website, and will be located in Ras Laffan Industrial City to the north of the small country.

The joint venture project was signed by ExxonMobil and Qatar Petroleum on Jan. 6 this year.

Qatar lies on the world's third largest natural gas reserves, and most of its production is set for export markets, reported the Associated Press.