QatarEnergy Selects Eni for North Field East LNG Extension

Eni has been selected by QatarEnergy as a new international partner in the North Field East expansion project. They have signed the partnership agreement for the creation of the new Joint Venture. QatarEnergy will hold a 75% interest while Eni the remaining 25% interest. The JV will hold 12,5% interest in the entire NFE project, including the 4 mega LNG trains with a combined capacity of 32 MTPA.The NFE project will expand Qatar’s LNG export capacity from the current 77 million tonnes per annum to 110 million tonnes per annum (. A USD 28.75 billion investment, NFE is expected to start production before the end of 2025 and will deploy state of the art technologies to minimize overall carbon footprint, including carbon capture and sequestration.The agreement marks the completion of a competitive process started in 2019 and has a duration of 27 years. It is a strategic move for Eni, which expands Eni’s presence in the Middle East and gains access to a world leading LNG producer, detaining among the largest natural gas reserves in the world. It is also a significant milestone in the Company’s diversification strategy, adding a cleaner and reliable energy source to its portfolio.