TotalEnergies has been chosen by QatarEnergy as its first international partner in the North Field East (NFE) expansion project, which is the largest LNG project in history.
QatarEnergy selected its international partners in 2019 for the NFE project, which will increase Qatar’s LNG export capacity from 77 million tons per annum (MTPA) to 110 MTPA as part of a competitive process. Production is expected to begin before the end of 2025 on the $28.75 billion NFE project.
QatarEnergy and TotalEnergies will join forces in a new joint venture company (JV), in which QatarEnergy will hold a 75% stake, while TotalEnergies will hold the remaining 25%. Ultimately, the JV will own 25% of the entire NFE project, including the four LNG trains with a combined nameplate capacity of 32 MTPA.
In his remarks during the ceremony, Qatar’s Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “This is a historic landmark for Qatar’s energy industry and for the world’s largest LNG development. The North Field East project is an iconic achievement that will not only ensure the optimal utilization of Qatar’s natural resources but will also provide the world with the cleaner and more reliable energy it needs.”
In his remarks during the ceremony, TotalEnergies Chairman and CEO Patrick Pouyanné said: “This is another historic day for TotalEnergies in Qatar, where we have been present for more than 80 years. Qatar has huge natural gas resources that it intends to develop further to increase the production of the least expensive, the most environmentally respectful and the best located LNG.”
QatarEnergy was offered double the equity available during the partner selection process, showing the strong investment case of the NFE project due to its economic competitiveness, financial resilience, and unique environmental features.
As soon as the final terms have been agreed, more partners will join the NFE Project.