- Title: QatarEnergy names ConocoPhillips partner for LNG expansion project
- Date: 30th October 2022
- Summary: DOHA, QATAR (OCTOBER 30, 2022) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** QATARENERGY CEO AND QATAR'S STATE MINISTER FOR ENERGY, SAAD AL-KAABI AND CONOCOPHILLIPS CEO, RYAN LANCE ENTERING SIGNING CEREMONY AND PRESS CONFERENCE ROOM AL-KAABI, LANCE AND ATTENDEES SEATED / MODERATOR SPEAKING MODERATOR SPEAKING DURING CEREMONY (SOUNDBITE) (English) QATARENERGY CEO AND Q
- Embargoed: 13th November 2022 12:28
- Keywords: ConocoPhillips LNG NFS QatarEnergy expansion gas
- Location: DOHA, QATAR
- City: DOHA, QATAR
- Country: Qatar
- Topics: Economic Events,Middle East
- Reuters ID: LVA001565830102022RP1
- Aspect Ratio: 16:9
- Story Text:QatarEnergy's chief executive on Sunday (October 30) named ConocoPhillips COP.N as the third and final partner on the Gulf Arab state's North Field South expansion, part of the world's largest liquefied natural gas (LNG) project.
ConocoPhillips will have a 6.25% interest in the project, Saad al-Kaabi told a news conference.
State-owned QatarEnergy had already announced Shell and TotalEnergies as partners in the North Field South expansion and Kaabi said each would hold a 9.375% stake.
The North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its share South Pars.
QatarEnergy earlier this year signed deals for North Field East, the first and larger phase of the two-phase North Field expansion plan, which includes six LNG trains that will ramp up Qatar's liquefaction capacity to 126 million tonnes per year by 2027 from 77 million tonnes.
LNG supplies and capacity have taken on special importance since Russia's invasion of Ukraine in February has led to cuts in Moscow's gas supplies.
Kaabi said discussions continued with several Asian buyers as "value-added partners" on the North Field expansion, but that the Western international partners were all announced.
Several supply agreements were being discussed in relation to the North Field expansion, he said, adding that there would be announcements in due course.
Kaabi also confirmed that QatarEnergy is in talks with the Lebanese government to take a 30% stake in an offshore exploration block and is also negotiating with TotalEnergies and ENI on this matter.
The initial exploration licence was held by a three-part consortium of TotalEnergies, Italy's Eni and Novatek NVTK.MM. Beirut announced in September that Novatek, which held a 20% stake, would exit.
Lebanon's cabinet issued an unpublished decision on Oct. 21, a copy of which was seen by Reuters, assigning Novatek's stake to a firm called Daja 216 and transferring TotalEnergies's 40% stake to another company, Daja 215. The two sources had told Reuters that Daja 215 and Daja 216 were TotalEnergies vehicles.
The sources had said that the understanding between TotalEnergies and Lebanon was that the French group would enter negotiations with QatarEnergy over the former Novatek stake, and that Qatar was seeking a 30% stake, comprised of Novatek's former stake and a 5% stake from each of TotalEnergies and Eni.
Offshore areas in the eastern Mediterranean and Levant have yielded major gas discoveries in the past decade. Interest in them has grown since Russia's invasion of Ukraine disrupted gas supplies.
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