Page 12 - MEOG Week 27 2022

MEOG TENDERS MEOG

QatarEnergy names Shell

as its final NFE partner

QATAR STATE-OWNED QatarEnergy this week The 2027 date would represent a one-year
named super-major Shell as its fifth and final delay compared to previous guidance from
IOC partner in the North Field East (NFE) LNG Doha.
expansion project, signing another joint venture The JVs with TotalEnergies, ExxonMobil and
(JV) agreement. Shell will run until 2054, while those with Cono-
As with its deals with other IOCs, QatarEn- coPhillips and Eni will expire in 2049. The for-
ergy will own the 75% majority, with Shell hold- mer three companies are each seen contributing
ing 25%. The JV was awarded a 25% stake in $1.8bn, with the latter each investing $800mn to
NFE, taking the Qatari firm’s equity in the pro- give a total IOC provision of $7.19bn, in line with
ject to 75% with Shell given 6.25%. their share in NFE.
The remaining 18.75% of equity in the project During the signing ceremony, Qatari Energy
is shared between TotalEnergies, ExxonMobil Minister and President and CEO of QatarEnergy
(6.25% each), ConocoPhillips and Eni (3.13% HE Saad bin Sherida Al Kaabi said: “Today’s
each), which all signed similar JV deals in recent announcement marks the successful conclusion
weeks. of the selection of our international energy com-
The $28.75bn NFE development comprises pany partners in the North Field East project,
the drilling of 80 wells, installation of eight off- through which QatarEnergy and its partners
shore platforms, gas pipelines and four 8mn reaffirm their commitment to the energy transi-
tonne per year (tpy) LNG trains, which will raise tion and to the safe and reliable supply of cleaner
Qatar’s liquefaction capacity from the current energy to the world.”
level of 77mn tpy to 110mn tpy by 2027. Meanwhile, Shell CEO Ben van Beurden said:
QatarEnergy said first LNG cargoes from the “This agreement deepens our strategic partner-
latest phase are anticipated by the end of 2025, ship with QatarEnergy, which includes multiple
but the Qatari NOC did not provide an update international partnerships such as the world-
for the output expansion. class Pearl GTL asset.”™

NFE LNG JVs
Train NFE 1 NFE 2 NFE 3 NFE 4 NFE 5
QatarGas Operator (0%) Operator (0%) Operator (0%) Operator (0%) Operator (0%)
QatarEnergy 75% 75% 75% 75.00% 75.00%
Partner 1 TotalEnergies (25%) Eni (25%) ConocoPhillips (25%) ExxonMobil (25%) Shell (25%)
Partner 2
Partner 3
Partner 4
Equity Share 25% 12.50% 12.50% 25% 25%

P12 www. NEWSBASE .com Week 27 06•July•2022