Shell joins partnership in Qatar's $29B LNG expansion project

Jul. 05, 2022 8:21 AM ETShell plc (SHEL)E, COP, XOM, TTEBy: Carl Surran, SA News Editor3 Comments

Giant Semi-submersible drilling rig Ocean Monarch refitting at Fremantle

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Shell (NYSE:SHEL) said Tuesday it was selected by Qatar Energy as a partner in the $29B North Field East liquefied natural gas expansion project in Qatar, the single largest project in the history of the liquefied natural gas industry.

Shell (SHEL) will own a 25% stake in a joint venture which will own 25% of the project, meaning it will obtain a 6.25% holding in the project, which will increase Qatar's LNG production capacity to 110M metric tons/year by 2026 from 77M currently.

The company's share in the JV will include four LNG trains with a combined nameplate capacity of 32M tons/year, to be integrated with carbon capture and sequestration to reduce emissions.

Shell (SHEL) follows TotalEnergies (TTE), Exxon Mobil (XOM), ConocoPhillips (COP) and Eni (E) in buying a stake in the North Field East plan.

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