QatarEnergy 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. This is the third in a series of announcements on partnerships in the $28.75 billion expansion project.
Pursuant to the agreement signed on Monday, 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 tonnes per annum. Minister of State for Energy Affairs, the President and CEO of QatarEnergy HE Saad Sherida Al Kaabi and Ryan Lance, the Chairman and CEO of ConocoPhillips, signed the partnership agreement during a special ceremony held at QatarEnergy’s headquarters in Doha.