QatarEnergy has selected ConocoPhillips as another partner in the North Field East (NFE) expansion project, the single largest project in the history of the LNG industry. This is the third in a series of announcements on partnerships in the US$28.75 billion expansion project.
Minister of State for Energy Affairs and QatarEnergy President/CEO HE Saad Sherida Al-Kaabi and ConocoPhillips Chairman and CEO Ryan Lance signed the partnership agreement during a special ceremony at the headquarters of QatarEnergy in Doha, in the presence of senior executives from both companies.
Pursuant to the agreement, QatarEnergy and ConocoPhillips will become partners in 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 tonnes per annum.
In his remarks during the ceremony, HE Minister Al-Kaabi said that the new partnership agreement will further enhance their relationship and enable them to benefit from the wide experience of ConocoPhillips in the development of the world’s largest LNG expansion project.
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 tonnes per annum through the North Field East project, which will start production in 2026.
HE Minister Al-Kaabi added that their collaboration will help produce cleaner energy to meet growing global demand and achieve a realistic energy transition towards achieving their climate change objectives, thanks to the project’s industry-leading environmental attributes, including carbon capture and sequestration and other technologies deployed in the project.
The minister concluded his remarks by expressing gratitude to HH The Amir, Sheikh Tamim bin Hamad Al Thani, for his unwavering support to Qatar’s energy sector.
Lance, meanwhile, also expressed his delight over the partnership agreement.
We recognise that LNG plays an increasingly important role in energy security and the global energy transition.
The NFE project employs the highest health, safety and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon footprint to the lowest levels possible.
More partners are slated to join the NFE project and relevant announcements will be made soon.
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