January 22, 2025
LNG

Eni (NYSE:E) became the second Western oil company to officially join Qatar as a partner in the nearly $30B North Field East liquefied natural gas expansion project, taking a 3.12% stake.

Qatar Energy and Eni (E) signed a partnership agreement on Sunday to form a new joint venture company, which will hold a 12.5% interest in the overall North Field East project that includes four 8M metric tons/year liquefaction trains and is expected to deliver its first gas in early 2026.

The project is expected to boost Qatar’s liquefaction capacity to 126M tons/year from 77M tons/year.

Eni CEO (E) Claudio Descalzi told reporters that the project’s low carbon footprint appealed to the company.

Qatar is expected to announce another investor in the project in the coming days, after naming TotalEnergies (TTE) as a 6.25% stakeholder in North Field East a week ago.

 

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