Petrochina Signs Contract Qatar Energy! Become the World's Largest Gas Field Project Shareholder

Petrochina Signs Contract Qatar Energy! Become the World's Largest Gas Field Project Shareholder

On June 20,2023, CNPC and Qatar Energy Corporation signed a cooperation document on the expansion project of northern Gas Field in Doha, capital of Qatar. Under the agreement, Qatar Energy will continue to supply 4 million tons / year of LNG resources to CNPC over the next 27 years and transfer a 1.25% stake in the northern gas field expansion project to CNPC.

The project is currently the largest liquefied natural gas (LNG) project in the world. Two months ago, Sinopec and Qatar Energy also signed a shareholding agreement in the Northern Gas Field Expansion Project (NFE) in Doha, also with a 1.25% stake.

The gas field expansion project in northern Qatar has attracted a number of international oil and gas giants, including Total Energy, Conconi, ExxonMobil and Shell. The entry of CNPC and Sinopec has not only successfully joined the international oil and gas gas group project, but also increased the guarantee of national energy security from the perspective of natural gas import source.

The signing ceremony was held at the headquarters of Qatar Energy Corporation. Dai Houliang, chairman of CNPC, Minister of State for Energy Affairs of Qatar and President and CEO of Qatar Energy Corporation signed the cooperation documents and delivered speeches on behalf of both sides.

Dai Houliang pointed out,

The two heads of state reached important consensus on deepening China-Qatar practical cooperation in the new era and charted the direction for the development of China-Qatar strategic partnership. The cooperation on the northern Gas Field expansion project is a major achievement and outstanding practice of CNPC and Qatar Energy Corporation to implement the strategic consensus between the two heads of state. It is another important milestone in promoting the synergy between China's "Belt and Road" initiative and Qatar's "National Vision 2030" strategy. Chinese oil will cooperate in the new starting point, and Qatar energy company actively explore oil and gas industry chain, green low carbon energy all-round cooperation, give full play to the oil and gas field development long-term accumulation of proprietary technology and unique experience advantage, to support for the north field expansion cooperation project efficient operation, create new value, to rich in the field of energy card strategic partnership connotation to make new greater contributions.

Carabi said,

Qatar is an important natural gas partner of China, and China is a key market for Qatar's energy products. The signing fulfilled the commitment of Qatar Energy to its partners, marking a new level of cooperation in the bilateral relationship. In the future, Qatar Energy Company will implement the important consensus of the two heads of state, further strengthen communication and coordination, deepen practical cooperation with CNPC, and inject inexhaustible impetus into expanding the relationship of energy cooperation between the two countries.

Qatar is the world's largest LNG exporter, and the northern gas field is the world's largest single gas field. The expansion project of northern gas field includes gas field development and four LNG production lines of 8 million tons per year. After completion and operation, the annual LNG capacity will be added by 32 million tons, and Qatar's annual LNG export capacity will be increased to 110 million tons.