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QatarEnergy selects ConocoPhillips as 3rd partner

Business Doha 24 Jun 22
QatarEnergy selects ConocoPhillips as 3rd partner
QatarEnergy selects ConocoPhillips as third partner in North Field East expansion project.
Fee
Event Location
Qatar, Qatar
Area
Doha
Start Time
24 June 2022, 12:00 AM
End Time
30 June 2022, 12:00 AM
Website

QatarEnergy announced that it has selected ConocoPhillips as a partner in the North Field East (NFE) expansion project, the single largest project in the history of the LNG industry.

Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and Mr. Ryan Lance, the Chairman and CEO of ConocoPhillips, signed the partnership agreement during a special ceremony held at QatarEnergy’s headquarters in Doha in the presence of senior executives from both companies.

This is the third in a series of announcements on partnerships in the $28.75 billion expansion project.

According to the agreement signed today, QatarEnergy and ConocoPhillips will become partners in a new joint venture company (JV), in which QatarEnergy will hold a 75% interest while ConocoPhillips will hold the remaining 25% interest. The JV in turn will own 12.5% of the entire NFE project, which has a total LNG capacity of 32 million tons per annum.

More partners are slated to join the NFE Project, and the relevant announcements will be made soon.


QatarEnergy ConocoPhillips NFE projectQatarEnergy NFE project



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