Doha: QatarEnergy has announced that it has selected ConocoPhillips as a partner for the Northfield East (NFE) expansion project, the largest project in the history of the LNG industry.
This is the third in a series of announcements on partnerships in a $ 28.75 billion expansion project.
Saad Sherida Al-Kaabi, President and Chief Executive Officer of QatarEnergy, and Ryan Lance, Chairman and Chief Executive Officer of ConocoPhillips, have partnered at the headquarters of QatarEnergy in Doha. I signed the contract.
Following the agreement signed today, QatarEnergy and ConocoPhillips will become partners in a new joint venture (JV), with QatarEnergy holding a 75% stake and ConocoPhillips holding the remaining 25% stake. increase. JV owns 12.5% of the total NFE project, with a total LNG capacity of 32 million tonnes per year.
In his remarks at the ceremony, Minister Alkavi said: “Today, we are signing a new partnership agreement that will allow us to further strengthen our relationships and benefit from ConocoPhillips’ extensive experience in developing the world’s largest LNG expansion project. Through the Northfield East Project, which will begin production in 2026, we will be able to achieve our goal of increasing LNG production capacity in Qatar from 77 million tons per year to 110 million tons. “
In his remarks at the ceremony, Ryan Lance said:
The NFE project adopts the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon dioxide emissions to the lowest possible levels.
More partners will be participating in the NFE project and related announcements will be made shortly.
