QatarEnergy has selected Eni as a new international partner in the North Field East (NFE) expansion project, Eni announced on Sunday.
The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, and Eni CEO, Claudio Descalzi signed a partnership agreement for a new joint venture company during the official ceremony on Sunday.
QatarEnergy will hold a 75% interest while Eni will hold the remaining 25% interest, the company said.
The joint venture will hold a 12.5% interest in the entire NFE project, including four mega LNG trains with a combined capacity of 32 million tons per annum (MTPA).
The NFE project will expand Qatar’s LNG export capacity from the current 77 MTPA to 110 MTPA.
'A $28.75 billion investment, NFE is expected to start production before the end of 2025 and will deploy state-of-the-art technologies to minimize overall carbon footprint, including carbon capture and sequestration,' Eni announced.
The agreement marks the completion of a competitive process that started in 2019 and which will run for 27 years.
The deal is seen as a strategic move for Eni, expanding its presence in the Middle East while gaining access to a world-leading LNG producer and detaining some of the largest natural gas reserves in the world.
By Gulsen Cagatay