ConocoPhillips takes stake in QatarEnergy’s huge LNG project

State-owned QatarEnergy said it has selected ConocoPhillips as a partner in its giant LNG expansion project. The US energy giant is the third partner to join the $28.75 billion North Field East (NFE) expansion project after France’s TotalEnergies and Italy’s Eni.

Qatar’s energy minister and chief executive of QatarEnergy, Saad Sherida Al-Kaabi, and Ryan Lance, CEO of ConocoPhillips, signed the partnership agreement for the creation of the new joint venture company during an official ceremony on Monday, according to a statement by QatarEnergy.

QatarEnergy will hold a 75 percent interest while ConocoPhillips will hold the remaining 25 percent interest in the JV.

The JV will own 12.5 percent of the entire NFE project, which has a total LNG capacity of 32 million tons per annum, QatarEnergy said.

QatarEnergy to reveal more partners

QatarEnergy said in the statement that “more partners are slated to join the NFE project, and the relevant announcements will be made soon.”

Besides these three firms, several media reports previously said that other partners include Shell and ExxonMobil.

Reuters also recently reported that China’s CNPC and Sinopec were in talks to take a part in the giant development as well.

In February last year, QatarEnergy took a final investment decision on the $28.75 billion NFE project.

The state-owned firm is developing a second phase to further boost capacity to 126 Mtpa by 2027 as well as additional expansions.

QatarEnergy and its unit Qatargas are also working on a giant fleet of LNG carriers to support this expansion and the firms already completed the first contracts in China and South Korea, with many more to come.

- Advertisements -

Most Popular

Chevron working to resume full Gorgon LNG production after ‘mechanical fault’

Chevron Australia, a unit of US energy giant Chevron, is working to resume full production from its Gorgon LNG...

MOL’s LNG carrier fleet to grow to 104 vessels by March 2025

Japan's shipping giant MOL expects its huge fleet of liquefied natural gas (LNG) carriers to increase to 104 vessels...

HD Hyundai Heavy secures contract to build LNG carrier duo

South Korean shipbuilder HD Hyundai Heavy Industries has won a contract to build two liquefied natural gas (LNG) carriers...

More News Like This

Origin reports lower APLNG revenue

The Australia Pacific LNG project logged lower revenue during the quarter ending March 31 compared to the same quarter...

QatarEnergy seals $6 billion deal with Chinese shipbuilder for 18 giant LNG carriers

State-owned LNG giant QatarEnergy has signed a major shipbuilding deal worth $6 billion with China State Shipbuilding Corp for...

Australia Pacific LNG names new CEO

Australia Pacific LNG, the operator of the 9 mtpa LNG export facility on Curtis Island near Gladstone, has appointed...

Update: Australia Pacific LNG ships 1000th cargo

Australia Pacific LNG, the operator of the 9 mtpa liquefied natural gas export facility on Curtis Island near Gladstone,...