QatarEnergy selects ConocoPhillips as partner in NFS expansion project

HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Ryan Lance, Chairman and CEO of ConocoPhillips, at the agreement signing ceremony Sunday. PICTURE: Thajudheen.

*ConocoPhillips is third and final international partner in NFS expansion, which comprises two LNG mega trains with combined capacity of 16mn tonnes per year QatarEnergy has selected ConocoPhillips as its third and final international partner in the North Field South (NFS) expansion project, which comprises two LNG mega trains with a combined capacity of 16mn tonnes per year (MTPY). Pursuant to the agreement, ConocoPhillips will have an effective net participating interest of 6.25% in the NFS project, out of a 25% interest available for international partners. QatarEnergy will hold the remaining 75% interest. The partnership agreement was signed at the QatarEnergy headquarters yesterday by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Ryan Lance, Chairman and CEO of ConocoPhillips. Senior executives from both the companies attended the ceremony. At the signing ceremony al-Kaabi said, “QatarEnergy and its partners continue their efforts to supply an additional volume of about 65mn tonnes 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.” Al-Kaabi added, “As we have previously emphasised, 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 minister welcomed ConocoPhillips to the NFS project and thanked the working teams at QatarEnergy and ConocoPhillips for their excellent work and cooperation that led to this agreement, and to the Qatargas leadership and project teams for their efforts in implementing the North Field Expansion Projects safely, and on schedule. “I would like to express our sincere gratitude to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani, for his wise leadership and for his unwavering support to Qatar’s energy sector,” al-Kaabi added. 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 48mn tpy to the world’s LNG supplies, and raise Qatar’s LNG production capacity to 126 mn tpy. This unique project is characterised by the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon footprint to the lowest levels possible.