Shell is the fifth and final project partner for the development of the largest natural gas field in the world, in Qatar, which also includes Eni. The announcement comes directly from the Arab country.
“We are very happy to see Shell join us on this mega project. Today's announcement marks the end of the process of selecting foreign partners in the North Field East project,” Qatar Energy Minister and CEO of Qatar Energy Saad Sherida Al-Kaabi said at a press conference in Doha. Presented as "the largest project in the history of the liquefied natural gas (LNG) industry“, this project aims to increase Qatar's LNG production by 60% by 2027.
Through a joint venture with QE, the British company has acquired a 6,25% stake in the project, equivalent to that of the French Total Energy and of the American ExxonMobil. The Italian Eni and the American ConocoPhillips have a stake of 3,125% each, bringing the total stake of the foreign companies to 25%.
Why the giant gas field in Qatar is important
In the 8s, Qatar became the world's largest exporter of liquid gas and its GDP rose from $192 billion to $XNUMX billion. The country has the world's third-largest reserves of natural gas after Russia and Iran, with an estimated quantity of about 890.000 billion cubic meters, equal to almost 15% of all world reserves. The North Field field, notably, it is the largest single (i.e. not oil-matched) natural gas field in the world.
Natural gas production amounts to 159 billion cubic meters a year, of which 125 billion are exported. The Qatari government has made innovative choices and has focused heavily on the more expensive liquefied natural gas (LNG) technology, becoming the most important player in the world in this field. More than 70% of all natural gas exports in the kingdom are exported in the form of LNG, leaving the country only a small dependence on pipelines. A strategic choice that is bearing fruit, especially in this period. The Russia-Ukraine war has put the gas pipeline network towards Europe in crisis and Qatar (whose gas already arrives at the Rovigo regasification terminal in Italy) is proving to be a fundamental point of reference in supply diversification strategies
