QatarEnergy has finalised a long-term agreement with CPC of Taiwan, entailing the supply of LNG and a partnership in the NFE expansion project.
The deal includes a 27-year LNG sales and purchase agreement (SPA) for the delivery of 4mtpa of LNG from the NFE project to CPC.
Additionally, the parties signed an agreement that will see QatarEnergy transferring a 5% interest in the NFE project to CPC.
This transfer equates to a stake in one NFE train with a capacity of 8mtpa.
CPC’s new partnership in the NFE project will not impact the existing shareholders’ interests, QatarEnergy said.
China National Petroleum Corporation, ConocoPhillips, Eni, ExxonMobil, Shell, Sinopec and TotalEnergies are other partners in the NFE.
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By GlobalDataQatarEnergy president and CEO Saad Sherida Al-Kaabi said: “We look forward to further enhancing our relationship with CPC, which extends for over three decades, and to further demonstrate our unwavering commitment to our customers and partners around the world.”
CPC chairman Shun-Chin Lee said: “QatarEnergy, the world’s leading LNG player, has been playing an important role in ensuring Taiwan’s domestic gas market over the past decades.
“CPC’s acquired equity in the NFE project and this new LNG SPA will further strengthen the cooperative relationship between our two companies.”
The NFE project is a part of Qatar’s North Field LNG expansion programme, which also encompasses the North Field South and North Field West projects.
This expansion is set to increase Qatar’s LNG production capacity from the current 77mtpa to 142mtpa by 2030.
In February, QatarEnergy announced plans to bolster the North Field’s output.
The North Field, located off Qatar’s north-east coast, is reputed to be the world’s largest single non-associated gas reservoir.
Covering an area of more than 6,000km², the field was discovered in 1971.
Last month, QatarEnergy and ExxonMobil reached an agreement to jointly acquire two offshore exploration sites in Egypt.
Upon completion of the deal, which awaits Egyptian Government approval, QatarEnergy will hold a 40% stake in the Masry and Cairo concessions, with ExxonMobil retaining a 60% working interest.
