Qatar Petroleum closes Barzan project finance

Exxon Mobil Corp. and Qatar Petroleum have raised $10.4 billion for the Brazan 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.

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, and will be located in Ras Laffan.

The joint venture project was signed by ExxonMobil and Qatar Petroleum in January this year.

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