ConocoPhillips joins Qatar mega gas expansion project

21 June, 2022
Source: Reuters

QatarEnergy on Monday signed a deal with ConocoPhillips for the North Field East expansion, the world's largest liquefied natural gas (LNG) project, following agreements with TotalEnergies and Eni.

Qatar is partnering with international companies in the first and largest phase of the nearly $30 billion expansion that will boost Qatar's position as the world's top LNG exporter. 

The companies will form a joint venture that will take a 12.5% stake in North Field East and ConocoPhillips will have a 25% stake in that joint venture.

The arrangement is similar to that announced with Eni on Sunday and implies a 3.12% stake in the overall North Field East project for ConocoPhillips.

QatarEnergy CEO Saad al-Kaabi said the partnerships with international companies would be effective for 27 years.
"That agreement is for 27 years. It is exactly the same for everybody that was going to be signing," Kaabi said.
Sources have said Exxon Mobil would also participate in the North Field East expansion.

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