RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Energy

Shell and QatarEnergy partners to build the largest liquefied Natural gas project in the world.

Rate Captain by Rate Captain
July 6, 2022
in Energy
Reading Time: 2 mins read
A A
0
Shell and QatarEnergy partners to build the largest liquefied Natural gas project in the world.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Shell becomes another oil major to partner with QatarEnergy for the Gulf state’s North Field East expansion, which is the first phase of the worlds largest liquefied Natural gas (LNG) project.

 

AlsoRead

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

According to the information disclosed by the CEO of QatarEnergy to Reuters, Shell’s partnership is coming after the agreement of other Oil majors like TotalEnergies, Exxon, ConocoPhilips, and Eni with QutarEnergy.

In a statement by QaterEnergy CEO, Shell will have a 6.25 percent stake in the $30 billion North Field East expansion project which is set to boost Qatar’s position as the world’s top LNG exporter. TotalEnergies and Exxon also have 6.25 percent stakes in the expansion project while ConocoPhilips and Eni will hold 3.12 percent stakes each.

The North Field East project in Qatar comprises four liquefaction and purification facilities and Shell is the final oil major to partner on this first phase of the expansion project as oil majors have been bidding for the four trains. In the second phase–The North Field South, there are two additional Liquefaction and Purification facilities, bringing the total capacity of the expansion plan to 6 LNG trains that will jack up Qatar’s liquefaction volume to 126 million tonnes per annum (mtpa) from 77mtpa.

Shell’s acquisition of a 6.25 percent stake in Qatar’s expansion project came at the right time and can compensate the company for potential loss from Sakhalin-2 as Putin had recently given a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia, this action could cost Shell its stake in the Russian oil and gas project.

Russian president, Vladimir Putin, in a bid to get back at the West and its allies, issued a decree that creates a new firm to take over all rights and obligations of Sakhalin Energy Investment CO, in which Shell and two Japanese trading companies Mitsui and Mitsubishi hold just under 50 percent.

According to Reuter, “President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia’s far east, a move that could force out Shell and Japanese investors.

“The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell (SHEL.L) and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%”.

Shell’s CEO Ben van Beurden, believes the agreement with QatarEnergy on the North Field East project will help provide LNG the world urgently needs with a lower carbon footprint. He stated that “lower-carbon natural gas is a key pillar of our Powering Progress strategy and will also help us achieve our target of becoming a net-zero emissions business by 2050.”

Previous Post

Lai Mohammed: Now is the Wrong Time to Remove Nigeria’s Costly Fuel Subsidy

Next Post

Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window

Related News

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

by Rate Captain
May 22, 2023
0

The President of Afrexim Bank, Benedict Oramah disclosed that the bank played a pivotal role as the largest financer of...

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

by Rate Captain
May 19, 2023
0

Mr. Zhang Jianhua, Administrator of the National Energy Administration of the People's Republic of China, has commended the significant energy...

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

by Rate Captain
April 18, 2023
0

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) is ramping up its investments in the Ajaokuta-Abuja-Kano (AKK) gas pipeline and...

OPEC predicts a surge of up to 23% in global energy demand.

OPEC predicts a surge of up to 23% in global energy demand.

by Rate Captain
April 18, 2023
0

According to the Organisation of Petroleum Exporting Countries (OPEC), global primary energy demand is expected to increase by 23% by...

Next Post
Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window

Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Buhari and state governments get N651 million hardship allowance.

Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

June 4, 2023
Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

June 4, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

    0 shares
    Share 0 Tweet 0
  • Embracing Remote and Hybrid Work to Beat Transportation Costs in Nigeria.

    0 shares
    Share 0 Tweet 0
  • FG secures $800 million loan from the World Bank.

    0 shares
    Share 0 Tweet 0
  • Nigerian Banks to Demand Tax Clearance Certificate Before Customers Can Buy Dollars, Other Foreign Currencies

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>