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

Woodside taps KBR for Pluto LNG Train 1 modifications project

Australian LNG producer Woodside has awarded a project management contract to US engineer KBR to undertake modifications of the...

Cosco Shipping to buy stake in MOL’s LNG carrier trio

China's Cosco Shipping Energy Transportation has agreed to buy stakes in MOL's three 174,000-cbm LNG carriers being built by...

Samsung Heavy develops high-speed welding robot for LNG carriers

South Korean shipbuilder Samsung Heavy Industries said it had developed a laser high-speed welding robot to speed up the...

More News Like This

Worley bags carbon capture gig from QatarEnergy LNG

Australian engineering firm Worley has secured a contract from QatarEnergy LNG, previously known as Qatargas, to provide front-end engineering...

QatarEnergy eyes orders for giant LNG carriers

State-owned LNG giant QatarEnergy is planning a major order of Q-Max LNG carriers at yards in South Korea and...

ConocoPhillips books capacity at Dutch Gate LNG terminal

US energy giant ConocoPhillips has signed a deal to book long-term capacity at the Dutch Gate LNG import terminal,...

Qatargas becomes QatarEnergy LNG

LNG producer Qatargas, a unit of QatarEnergy, has changed its name to QatarEnergy LNG. Established in 1984, Qatargas currently operates...