Qatar announced on Sunday that it has selected Italian energy giant Eni as its second foreign partner after France’s TotalEnergies to develop the world’s largest natural gas field. «I am pleased to announce today (…) that Eni has been selected as a partner in this unique strategic projectQatar Energy (QE) CEO Saad Sherida Al-Qaeda told a news conference in Doha.
As part of a joint venture with the Qatari hydrocarbon giant, Eni is acquiring a little over 3% stake in the Northeastern Northeast (NFE) project worth more than $ 28 billion to increase liquefied natural gas in the Persian Gulf. LNG) production by 60% by 2027
The share of TotalEnergies, which was announced by the agreement with QE until June 12, 2054, will be the largest – 6.25%, according to its CEO Patrick Puyane. The French company’s most important contract with Qatar helps to compensate for leaving Russia after the Ukrainian war. The third signature should be announced during the press conference on Monday, after the discussions started in 2019. It is expected that the participation of foreign companies will make about 25%.
Production is scheduled to start in 2026
The Northeast Northeast (NFE) project, which is due to begin production in 2026, includes the expansion of the Northeast offshore field, the world’s largest natural gas field, which Qatar shares with Iran. The northern plain accounts for about 10% of the world’s known natural gas reserves, according to QE. It extends under the sea to Iran, where the Islamic Republic’s efforts to exploit its share of the mine have been hampered by international sanctions.
Qatar is one of the world’s leading producers of liquefied natural gas (LNG), along with the United States and Australia.The cheapest source of supply today“Daniel Tolman, an analyst at Wood Mackenzie. After the conflict in Ukraine, LNG importers are rushing to provide alternatives to Russian gas. Eni announced on Friday that Gazprom will supply only 50% of the gas demanded by the Italian energy giant.
Source: Le Figaro
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