Doha – Qatar’s North Field Expansion Project is making impressive progress and is poised to boost the Gulf country’s LNG production capacity from 77 to 126 million tons per year, according to QatarEnergy LNG CEO Sheikh Khalid bin Khalifa Al-Thani.
This announcement was made during the Annual Town Hall, an open forum where employees have the opportunity to meet with the company’s Chief Executive Officer and Management Leadership Team.
The discussions focused on the company’s performance over the past year, its strategic plan, and future challenges. The three-day event took place in Doha and Al Khor, ensuring maximum attendance from employees.
“We’ve also updated our company Direction Statement to reflect a renewed commitment to safety, health, and environmental sustainability. Our rebranding underscores our dedication to the future of LNG and its critical role in the global energy transition,” he stated.
“Looking ahead, our focus is on the North Field Expansion and sustainability projects. We are collaborating with our contractors to ensure these major projects are delivered safely, successfully, and on schedule, with a commitment to quality and flawless execution. Continuing to invest in our people is also a priority, with an emphasis on safety, employee engagement, and development. Environmental stewardship remains a strategic priority, and I’m proud that our Qatarization efforts have been recognized with the Annual Qatarization Crystal Award,” he added.
The company’s performance over the past year, which includes exceptional achievements in reliability, safety, and environmental performance, was also highlighted.
On November 4, QatarEnergy signed a partnership agreement with China Petrochemical Corporation (Sinopec) for the North Field South (NFS) expansion project.
Additionally, the two sides signed a long-term sales and purchase agreement (SPA) for the delivery of 3 million tons per year (MTPA) of LNG from the NFS project to Sinopec’s receiving terminals in China, spanning 27 years.
The agreements were signed in Shanghai today by HE Minister of State for Energy Affairs and the President and CEO of QatarEnergy, Saad Sherida Al Kaabi, and the Chairman of Sinopec, Dr. Ma Yong-sheng, in a special ceremony attended by senior executives from both companies.
Under the terms of the partnership agreement, QatarEnergy will transfer a 5 percent interest to Sinopec in a joint venture company that owns the equivalent of 6 million tons per year (MTPA) of LNG production capacity in the NFS project.
This partnership agreement is the second of its kind with Sinopec, following a similar one signed in Doha last April. This previous agreement marked Sinopec’s entry as a shareholder in one of the North Field East (NFE) joint venture companies that own the NFE project, one of the most significant projects in the global LNG industry. The agreement will not affect the participating interests of any of the other shareholders.
The long-term LNG SPA signed today follows another SPA signed in November 2022 for the supply of 4 MTPA of LNG over 27 years, the longest LNG supply agreement in the history of the industry. These milestones underscore the excellent bilateral relations between the People’s Republic of China and the State of Qatar, as well as between Sinopec and QatarEnergy.