Eni joins Qatar gas project after Russian cuts

Eni joins Qatar gas project after Russian cuts

DOHA: Italian company Eni on Sunday joined Qatar Energy’s $28.75 billion project to expand production from the world’s biggest natural gas field, days after Russia slashed supplies to Italy. Eni will own a stake of just over three percent in the North Field East project, Qatar Energy’s CEO told a signing ceremony in Doha.

Qatar announced last week that France’s TotalEnergies will be its first, and largest, foreign partner on the development, with a 6.25 percent share. An unknown number of companies are also set to be named. “Today I’m pleased… to announce the selection of Eni as a partner in this unique strategic project,” said Qatar’s Energy Minister Saad Sherida Al-Kaabi, who is also president and CEO of state-owned Qatar Energy.

The project’s LNG – the cooled form of gas that makes it easier to transport – is expected to come online in 2026. It will expand Qatar’s LNG production from 77 million tons a year to 110 million, Qatar Energy said. The Qatari company estimates that the North Field, which extends under the Gulf sea into Iranian territory, holds about 10 percent of the world’s known gas reserves.

Russia’s invasion of Ukraine has injected urgency into efforts around the world to