QatarEnergy selected ConocoPhillips as a partner in the North Field East (NFE) LNG expansion project, the single largest project in the history of the LNG industry, the company announced on Monday.
This is the third in a series of announcements on partnerships in the $28.75-billion expansion project.
Saad Sherida Al-Kaabi, the minister of state for Energy Affairs, and the president and CEO of QatarEnergy, and Ryan Lance, the chairman and CEO of ConocoPhillips, signed the partnership agreement during a special ceremony held at QatarEnergy’s headquarters in Doha in the presence of senior executives from both companies.
The agreement will see QatarEnergy and ConocoPhillips partnering to form a new joint venture company (JV), in which QatarEnergy will hold a 75% interest while ConocoPhillips will hold the remaining 25% interest.
The JV in turn will own 12.5% of the entire NFE project, which has a total LNG capacity of 32 million tons per annum.
'Our work together will enable us to meet our target of increasing the State of Qatar’s LNG production capacity from 77 to 110 million tons per annum through the North Field East project, which will start production in 2026,' Al-Kaabi said.
By Murat Temizer