DOHA —
Shell joined
Qatar Energy’s $29 billion project to expand production at the
world’s biggest natural gas field on Tuesday, becoming the fifth and final
international partner.
اضافة اعلان
The British-based company took a 6.25 percent stake for an undisclosed
sum, joining TotalEnergies, Eni, ConocoPhillips, and ExxonMobil in the North
Field East project.
The North Field
expansion is the biggest
liquefied natural gas (LNG) project ever seen, Qatar
Energy said. It comes at a time of intense geopolitical tensions over energy
supplies.
The $28.75 billion
development is predicted to increase Qatar’s production from the current 77
million tonnes a year to 110 million tonnes by 2027.
“As one of the largest
players in the LNG business, (Shell) have a lot to bring to help meet global
energy demand and security,” said Qatar’s Energy Minister Saad Sherida
Al-Kaabi, who is also the Qatar Energy president and CEO.
Qatar Energy
estimates that the North Field, which extends under the Gulf sea into Iranian
territory, holds about 10 percent of the world’s known gas reserves.
The project’s LNG
— the cooled form of gas that makes it easier to transport — is expected to
come on line in 2026.
The project has
taken on growing international importance after Europe’s energy supplies took a
hit following Russia’s invasion of Ukraine.
South Korea,
Japan, and
China have been the main markets for Qatar’s LNG.
But since an
energy crisis hit Europe last year, the Gulf state has helped Britain with
extra supplies, and also announced a cooperation deal with Germany.
Europe has in the
past rejected the long-term deals that Qatar seeks for its energy, but the
Ukraine war has forced a change in attitude.
Qatar’s gas is
among the cheapest to produce and has fuelled an economic miracle in the tiny
archipelago, which boasts the world’s highest GDP per capita.
Qatar is also
expected to announce details of another expansion, the North Field South, in
coming months.
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