QatarEnergy selects ConocoPhillips as 3rd partner

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.