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ConocoPhillips wins stake in QatarEnergy’s NFS expansion project

ConocoPhillips will take a 6.25 per cent stake in the project, out of a 25 per cent interest available for international partners

by Zainab Mansoor

October 31, 2022

QatarEnergy has selected ConocoPhillips as its third and final international partner in the North Field South (NFS) expansion project.

The project comprises two LNG mega trains with a combined capacity of 16 million tons per annum.

QatarEnergy announces the selection of ConocoPhillips as a partner in the NFS expansion project, which comprises two LNG mega trains with a combined capacity of 16 million tons per annum (MTPA).#QatarEnergy #YourEnergyTransitionPartner #Qatar pic.twitter.com/PIcp0a4fDM

— QatarEnergy (@qatarenergy) October 30, 2022

ConocoPhillips will take a 6.25 per cent stake in the NFS project, out of a 25 per cent interest available for international partners. Shell has already taken a 9.375 per cent stake in North Field South project, while TotalEnergies joined the project in September, also with a 9.375 per cent stake.

Read: Shell takes 9% stake in Qatari liquefied gas project

QatarEnergy will hold the remaining 75 per cent interest, it said in a statement.

“QatarEnergy and its partners continue their efforts to supply an additional volume of about 65 million tons of LNG annually, from its North Field Expansion Projects and the Golden Pass LNG Project, to the global market to meet growing demand for cleaner, low-carbon energy, and to enhance energy security of customers around the world,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO of QatarEnergy.

“LNG produced from the North Field Expansion Projects will have the lowest carbon emission levels in the world, thanks to the deployment of a number of technologies, including extensive use of carbon capture and sequestration technologies. This will enable our LNG to play an important role in supporting a pragmatic, equitable and realistic energy transition.”

The North Field Expansion Projects, comprising NFS and the North Field East (NFE) expansion projects, is the industry’s largest ever LNG project. It will start production in 2026 and will add more than 48 million tons every year to the world’s LNG supplies, and raise Qatar’s LNG production capacity to 126 millions tons a year.

QatarEnergy selected ExxonMobil as a partner in its NFE expansion project, in addition to TotalEnergies, Eni and ConocoPhillips.

Read: TotalEnergies wins stake in $29bn Qatari gas project