ExxonMobil said Tuesday it would invest in a $29 billion project that would boost Qatar’s liquefied natural gas (LNG) capacity from 77 million tons to 110 million tons annually. The deal comes at a time when demand is soaring, particularly in Europe, amid Russia’s war in Ukraine.

Qatar's North Field

The Irving, TX-based supermajor joined other international energy companies, including ConocoPhillips, Eni SpA and TotalEnergies, in Qatar’s North Field East project, which is expected to launch operations in 2026. It is the largest of its kind in the global natural gas industry.

ExxonMobil agreed to buy a 6.25% stake in the project. ExxonMobil’s share of the project would equal that of TotalEnergies. Eni and ConocoPhillips would each have stakes of about 3.12%.

ExxonMobil and state-owned...