By: Inspenet, November 1, 2022
US oil company ConocoPhillips will join TotalEnergies and Shell to develop part of the world’s largest natural gas field in Qatar, the Qatari Ministry of Energy announced.
ConocoPhillips will have a 6.25% interest in the North Field South (NFS) project which, along with North Field East, is an expansion project of the North Field offshore field, the world’s largest natural gas field that Qatar shares with Iran.
The French TotalEnergies and the British Shell are the main partners of NFS, with a participation of 9.37% each, with the remaining 75% in the hands of the public company Qatar Energy (QE). Oil sources have estimated that the foreign companies will pay $5bn for their joint 25% stake in NFS, which will produce around 16m tonnes of gas per year. Like Italy’s Eni, ConocoPhillips already has a 3.125% stake in North Field East, with Shell, Total Energies and US ExxonMobil each holding 6.25%.
In signing the agreement with ConocoPhillips chairman Ryan Lance, Qatari Energy Minister Saad Sherida Al-Kaabi also indicated that Qatar was discussing with Asian countries participation in its campaign to increase its production.
Qatar, which is already one of the main producers of liquefied natural gas (LNG) in the world, together with the United States and Australia, wants to increase its production by more than 60% by 2027, the date of commissioning of the North Field South Project , to increase it to 126 million tons per year.
This material from the news.eseuro.com portal was edited for clarity, style and length.
Source and photo : https://news.eseuro.com/business/1111323.html
Don’t miss the Inspenet News at: https://inspenet.com/inspenet-tv/
Loading...
