Six major international oil companies (IOCs) are competing to be partner in the expansion of Qatar’s liquefied natural gas (LNG) production which help the country to foster its position as leading LNG producer, sources told Reuters.
Chevron, Eni has submitted bids on May 24 to share in the expansion project besides ExxonMobil, Royal Dutch Shell, TotalEnergies, and ConcoPhillips
Qatar Petroleum offered the project for the bidders at lower returns amount almost from 8% to 10% on their investments which decreased from 15% to 20%.
“Clearly Qatar has become more competitive. But it remains very low risk from the resource perspective” Sources told Reuters.
These bids reflect the continuing desire of the major companies to invest in competitive oil and gas projects, despite the growing government and investor pressure on the sector to reduce greenhouse gas emissions. The results of the bid is not expected to be announced before September.