State-owned QatarEnergy signed a deal with Shell Plc on Tuesday for the North Field East (NFE) expansion of the world's largest liquefied natural gas (LNG) project. The London-based company will get a 6.25 percent holding in the project, QatarEnergy CEO Saad al-Kaabi told a news conference.
Qatar, the world's largest gas exporter, is partnering with international companies in its $30 billion NFE expansion (NFE), which includes plans to add six LNG trains, ramping up production by 64 percent to 126 million tonnes per annum (mtpa) in the next five years.
The planned output expansion comes amid a global energy crunch. Demand for LNG has soared since the Russian invasion of Ukraine and European gas companies are looking to tie up new sources before winter sets in.
In June, QatarEnergy awarded TotalEnergies a 25 percent interest in a new joint venture, which will hold a quarter share of the 32 Mtpa NFE project, equivalent to one 8 Mtpa LNG train. It has also signed similar deals with Exxon Mobil Corp., ConocoPhillips and Eni SpA.
(Reporting by Brinda Darasha; editing by Seban Scaria)