And Shell is involved in Qatar’s LNG expansion project

QatarEnergy on Tuesday signed an agreement with Shell to expand Qatar’s North Field East, the world’s largest liquefied natural gas (LNG) project, following agreements with TotalEnergies, Exxon, ConocoPhillips and Eni.

Shell will take a 6.25 percent stake in the North Field East expansion project, QatarEnergy CEO Saad al-Kaabi told a news conference.

TotalEnergies and Exxon will also hold 6.25% stakes.

Qatar is working with international companies on the first and largest phase of the nearly $30 billion expansion, which will strengthen Qatar’s position as the world’s leading LNG exporter.

On Tuesday Kaabi said any other bidders to enter the North Field East expansion would have to offer prices “above the market price”.

He also said that interested parties will be considered if they add value, but no final decisions have been made yet.

The North Field is part of the world’s largest natural gas field, which Qatar shares with Iran, which calls its share South Pars.

Shell chief executive Ben Van Beurden was in Doha for the signing and met the emir of Qatar on Tuesday.

Beurden said during the press conference that Shell is still studying Russia’s decree on Sakhalin-2.

Russian President Vladimir Putin last week signed a decree taking full control of the Sakhalin-2 gas and oil project in the Far East, a move that could oust Shell as well as Japan’s Mitsui & Co and Mitsubishi.

Beurden told reporters it was too early to discuss specific plans to offset any losses from Sakhalin-2, but that it was important to note that with 64 million tonnes of production, Shell has multiple opportunities to manage portfolio changes .