Qatar Petroleum received offers for double the equity available in NFE

Qatar Petroleum said on Wednesday it has received offers for double the equity available to potential partners in the bidding process for the North Field East (NFE) project.

Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, The President and CEO of Qatar Petroleum, said that the company is 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.

For that, Qatar Petroleum had received offers that cover double the offered equity stake.

He also added that they have received offtake commitments, sales and purchase agreements for double the 32 million tons per annum volume on offer.

“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,” said al Kaabi during a discussion at the Qatar Economic Forum powered by Bloomberg.

The NFE project is a mega project that is considered unique in the LNG world due its advanced environmental characters, including significant carbon capture and sequestration capacity.

Qatar currently captures and sequesters two million tons per annum of CO₂, which is said to grow to 9 million tons by 2030.

Al-Kaabi; however, raised his concerns due to the lack of investment within the oil and 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,” he said.