ExxonMobil is starting a wave of investment which will transform its LNG business. After reloading its LNG business via M&A through the last down cycle, it is now turning these purchases into investments, redefining its LNG strategy in the process. It recently sanctioned the Golden Pass LNG project in the US and has ambitions to invest more, with Final Investment Decisions (FID) targeted soon on major projects in Mozambique and PNG. It is also changing its marketing strategy moving from a traditional tramline model to a portfolio approach. However, with participation in 12 of Qatar's 14 LNG trains, Qatar is the jewel in the crown of ExxonMobil's entire oil and gas portfolio. The company has been anxious to deepen its relationship with Qatar – to position it well for the next range of mega-train projects planned in the country, and this was one of the primary reasons that it chose to invest in Golden Pass in partnership with Qatar Petroleum (QP).