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Thursday , September 23 2021

QP inks contract to develop world’s largest LNG project

DOHA, Feb 9, (KUNA): Qatar Petroleum Company took the final investment decision for developing the North Field East Project (NFE), the world’s largest LNG project, which will raise Qatar’s LNG production capacity from 77 million tons per annum (MMTPA) to 110 MMTPA. In addition to LNG, the project will produce condensate, LPG, ethane, sulfur and helium. It is expected to start production in the fourth quarter of 2025 and its total production will reach about 1.4 million barrels oil equivalent per day. The decision to proceed with the investment was announced during a signing ceremony held today to celebrate the execution of the project’s key onshore engineering, procurement and construction (EPC) contract.

The contract was signed by Qatar’s Minister of Energy Affairs Saad Sherida Al-Kaabi, the President and CEO of Qatar Petroleum, Kazushi Okawa, the Chairman of the Board and CEO of Chiyoda Corporation, and Arnaud Pieton, the President of Technip Energies, in the attendance of senior executives from Qatar Petroleum, Qatargas, Chiyoda, and Technip. “The execution of this EPC contract marks the commencement of the construction of the North Field East LNG Project, and is a significant landmark in Qatar Petroleum’s strategic growth journey in a sustainable manner.

The total cost of the NFE project will be 28.75 billion dollars, making it one of the energy industry’s largest investments in the past few years, in addition to being the largest LNG capacity addition ever, and the most competitive LNG project in the world. This project will generate substantial revenues for the state of Qatar and will have significant benefits to all sectors of the Qatari economy during the construction phase and beyond,” said Al-Kaabi at the signing ceremony.

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