British company Shell has joined Qatar Energy's $29 billion project to expand production at the world's largest natural gas field, becoming the fifth and final international partner, AFP reported.
The company acquired a 6.25% stake for an undisclosed amount, joining TotalEnergies, Eni, ConocoPhillips and ExxonMobil in the North Field East project.
According to Qatar Energy, the expansion of the North field is the largest project for the production of liquefied natural gas (LNG).
The $28.75 billion development is projected to increase Qatar's production from the current 77 million tons per year to 110 million tons by 2027.
“As one of the biggest players in the LNG business, (Shell) can do a lot to help meet global energy demand and ensure security,” said Qatar Energy Minister Saad Sherida Al Kaabi, who is also President and CEO of Qatar Energy.
Qatar Energy estimates that the North Field, which extends under the waters of the Persian Gulf into Iran, contains about 10 percent of the world's known gas reserves.
Project LNG, a cooled form of gas that facilitates transportation, is expected to come online in 2026.