By: Inspenet, October 26, 2022
Shell Plc is investing around $1.5 billion in Qatar’s latest gas development, months after buying another of the Gulf nation’s massive expansion projects.
The signing ceremony was held in Doha, with the participation of Shell CEO Ben Van Beurden and Energy Minister Saad Al-Kaabi.
Saad Al-Kaabi said the company will acquire a 9.375% stake in North Field South, which will expand Qatar’s Liquefied Natural Gas (LNG) production capacity by 16 million tonnes a year.
TotalEnergies joined the project in September, with a stake the same size as Shell’s. Qatar is selling 25% of North Field South, leaving at least one more equity partner to be announced.
North Field South is projected to ship its first shipment in 2027, meaning it won’t ease the supply crunch for years to come. The project contemplates the construction of two liquefaction plants.
Qatar is carrying out another expansion plan, North Field East, which will cost almost US$30 billion and is scheduled to make its first shipments in 2026. Some supply deals have already been finalized for that project, Kaabi said.
This material from perfil.com was edited for clarity, style and length.
Photo : nitpicker / Shutterstock.com
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