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Qatar Petroleum receives offers for double the equity available in North Field East project

The company is in the process of evaluating bids, CEO of Qatar Petroleum and Minister of State for Energy Affairs Saad Sherida Al-Kaabi has said

Qatar Petroleum receives offers for double the equity available in North Field East project

Doha, June 24 – Neftegaz.RU. Qatar Petroleum has received offers for double the equity available to potential partners in the bidding process for the North Field East project.

Al-Kaabi stated that Qatar Petroleum was in the process of evaluating commercial offers received for participation in the largest LNG development in the world with a capacity of 32 million tons per annum of LNG, and that Qatar Petroleum had received offers that cover double the offered equity stake.

He noted that as part of the same process, Qatar Petroleum had received offtake commitments/ sales and purchase agreements for double the 32 million tons per annum volume on offer.

The NFE project is unique in the LNG world because of its advanced environmental characters, including significant carbon capture and sequestration capacity.
In discussing the ongoing energy transition, Al-Kaabi said:
  • We see natural gas and the energy transition -joined at the hip- and gas/ LNG is part of the solution for a longer term transition
  • We are investing the majority of our CAPEX in LNG, but we are also investing in renewables such as solar, here in Qatar but also worldwide
Al-Kaabi voiced concern that during the global discussion on energy transition, there is a lack of investment in oil & gas projects, which could drive energy prices higher by stating that:
  • while gas and LNG are important for the energy transition, there is a lack of investments that could cause a significant shortage in gas between 2025-2030, which in turn could cause a spike in the gas market
Qatar started decarbonizing its LNG a while ago, and currently captures and sequesters 2 million tons per annum of CO2, which will grow to 9 million tons by 2030.

To read the article in Russian

Source : Neftegaz.RU


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