Qatar Petroleum (QP) has taken a final investment decision on the North Field East gas development project in the Persian Gulf.
Wood Mackenzie research director Giles Farrer said: “At 32 MM metric tons per annum [35 MM tons], this is the largest single LNG project sanctioned in history and at $28.75 billion is likely to be the biggest project sanctioned across the global upstream business this year.
“At a long-term breakeven price of just over $4 per million British thermal units, it’s right at the bottom of the global LNG cost curve, alongside Arctic Russian projects.”
According to Farrer, QP will have more than 75 MMt/yr of uncontracted LNG volumes to sell by 2027, equivalent to 70% of its LNG portfolio.
QP has awarded CTJV, the joint venture between TechnipFMC and Chiyoda, an EPCC contract for the North Field East onshore facilities, comprising two additional LNG trains, each with a capacity of 8 MMt/yr, and a CO2 carbon capture and sequestration facility.
The goal is to achieve a reduction of more than 25% in greenhouse gas emissions compared to similar LNG facilities.