Page 12 - DMEA Week 25 2022
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DMEA TERMINALS & SHIPPING DMEA
QatarEnergy adds more
JVs for NFE development
MIDDLE EAST 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 set
ner taking 6.25%. to account for around 19% of NFE capex.
Since then, JVs have been formed with Ita- Qatari Energy Minister and President and
ly’s Eni (NFE 2) and US firms ConocoPhillips CEO of QatarEnergy HE Saad bin Sherida Al
(NFE 3) and ExxonMobil (NFE 4). The latter Kaabi has previously said that the company’s
was the only one to be attributed the same equity partners could provide up to 30% of the project’s
weighting in the LNG expansion project as that funding.
of TotalEnergies. Against this backdrop, Reuters reported
NFE 2 & 3 was awarded stakes of 12.5% each this week that state-owned China National
in the project, giving Eni and ConocoPhillips Petroleum Corp. (CNPC) and Sinopec are in
equity shares of 3.13%. advanced talks to acquire shares of 5% each in
The $28.75bn NFE development comprises separate JVs. Meanwhile, the companies are
the drilling of 80 wells, installation of eight off- also negotiating terms on long-term LNG sup-
shore platforms, gas pipelines and four 8mn ply contracts covering 4mn tpy each for a period
tonne per year (tpy) LNG trains, which will raise of up to 27 years, accounting for one full train
Qatar’s liquefaction capacity from the current between them.
P12 www. NEWSBASE .com Week 25 23•June•2022
