Chinese firms in advanced talks to invest in Qatari North Field: press
Chinese national oil and gas companies are in advanced talks to invest in Qatar's North Field East LNG expansion project, Reuters reported on June 17 citing sources.
In addition to securing stakes in the project, the companies are also negotiating the purchase of NFE's LNG under long-term contracts, according to Reuters. This would help China reduce its exposure to soaring prices on the LNG spot market.
QatarEnergy took a final investment decision early last year on the $29bn NFE project, which will expand Qatar's LNG export capacity from 77 to 110mn metric tons/year. TotalEnergies became the first company to be awarded a stake in the development earlier this month, and Chevron, ConocoPhillips, Eni and ExxonMobil have also filed bids to participate.