Page 13 - GLNG Week 27 2022

GLNG MIDDLE EAST GLNG

QatarEnergy names Shell

as its final NFE partner

PROJECTS STATE-OWNED QatarEnergy this week named for the output expansion. The 2027 date would
super-major Shell as its fifth and final IOC part- represent a one-year delay compared to previous
ner in the North Field East (NFE) LNG expan- guidance from Doha.
sion project, signing another joint venture (JV) The JVs with TotalEnergies, ExxonMobil and
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 project give a total IOC provision of $7.19bn, in line with
to 75% with Shell given 6.25%. their share in NFE.During the signing ceremony,
The remaining 18.75% of equity in the project Qatari Energy Minister and President and CEO
is shared between TotalEnergies, ExxonMobil of QatarEnergy HE Saad bin Sherida Al Kaabi
(6.25% each), ConocoPhillips and Eni (3.13% said: “Today’s announcement marks the suc-
each), which all signed similar JV deals in recent cessful conclusion of the selection of our inter-
weeks. national energy company partners in the North
The $28.75bn NFE development comprises Field East project, through which QatarEnergy
the drilling of 80 wells, installation of eight off- and its partners reaffirm their commitment to
shore platforms, gas pipelines and four 8mn the energy transition and to the safe and reliable
tonne per year (tpy) LNG trains, which will raise supply of cleaner energy to the world.”
Qatar’s liquefaction capacity from the current Meanwhile, Shell CEO Ben van Beurden said:
level of 77mn tpy to 110mn tpy by 2027. “This agreement deepens our strategic partner-
QatarEnergy said first LNG cargoes from the ship with QatarEnergy, which includes multiple
latest phase are anticipated by the end of 2025, international partnerships such as the world-
but the Qatari NOC did not provide an update class Pearl GTL asset.”™
TotalEnergies sheds stake in Russian oilfield

Week 27 08•July•2022 www. NEWSBASE .com P13