ConocoPhillips takes major new chunk of Qatar gas expansion

ConocoPhillips takes major new chunk of Qatar gas expansion

US oil giant will have a 6.25 per cent share in Qatar’s North Field South project, part of the world’s biggest proven natural gas reserves

Qatar's Minister of State for Energy Affairs and president and CEO of QatarEnergy Saad Sherida Al Kaabi and Ryan Lance, CEO of American multinational corporation ConocoPhillips, shake hands after signing an agreement at the QatarEnergy headquarters in Doha on October 30, 2022. — AFP

By AFP Published: Sun 30 Oct 2022, 4:54 PM

US oil giant ConocoPhillips on Sunday agreed to take another major stake in Qatar’s expansion of natural gas production, the Gulf state’s energy minister said.

Energy Minister Saad Sherida Al Kaabi also said Qatar was talking with Asian nations — the major market for Qatari gas — over a share in its campaign to increase annual production by 60 per cent to 126 million tonnes a year by 2027.

ConocoPhillips will have a 6.25 per cent share in Qatar’s North Field South project, part of the world’s biggest proven natural gas reserves, Kaabi said at a signing ceremony with the US firm’s chairman Ryan Lance.

France’s TotalEnergies and Britain’s Shell both have 9.37 per cent stakes in the field, while state-owned Qatar Energy has the remaining 75 per