Page 16 - AsianOil Week 25 2022
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GLNG MIDDLE EAST GLNG
QatarEnergy adds more JVs
for NFE development
PROJECTS QATARENERGY has followed up on last week’s level of 77mn tpy to 110mn tpy by 2027.
deal to include TotalEnergies in its North Field QatarEnergy said first LNG cargoes from the
East (NFE) LNG expansion with the signing of latest phase are anticipated by the end of 2025,
joint venture (JV) agreements with three more but the Qatari NOC did not provide an update
IOCs. for the output expansion. The 2027 date would
Last week, the French super-major took a represent a one-year delay compared to previous
25% stake in a JV – assumed to be called NFE guidance from Doha.
1 – with the Qatari firm running until 2054. The The JVs now account for 75% of NFE equity
JV was awarded a 25% stake in NFE, providing and a note from UK-based consultancy IGM
QatarEnergy 18.75% of equity and with its part- Energy said that the current IOC slate looks
ner taking 6.25%. set to account for around 19% of NFE capex.
Since then, JVs have been formed with Ita- Qatari Energy Minister and President and CEO
ly’s Eni (NFE 2) and US firms ConocoPhillips of QatarEnergy HE Saad bin Sherida Al Kaabi
(NFE 3) and ExxonMobil (NFE 4). The latter has previously said that the company’s partners
was the only one to be attributed the same equity could provide up to 30% of the project’s funding.
weighting in the LNG expansion project as that Against this backdrop, Reuters reported
of TotalEnergies. this week that state-owned China National
NFE 2 & 3 was awarded stakes of 12.5% each Petroleum Corp. (CNPC) and Sinopec are in
in the project, giving Eni and ConocoPhillips advanced talks to acquire shares of 5% each in
equity shares of 3.13%. separate JVs. Meanwhile, the companies are also
The $28.75bn NFE development comprises negotiating terms on long-term LNG supply
the drilling of 80 wells, installation of eight off- contracts covering 4mn tpy each for a period
shore platforms, gas pipelines and four 8mn of up to 27 years, accounting for one full train
tonne per year (tpy) LNG trains, which will raise between them.
Qatar’s liquefaction capacity from the current
P16 www. NEWSBASE .com Week 25 24•June•2022
