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Saipem wins $4 billion contract from QatarEnergy
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(Reuters) – Italian energy engineering group Saipem said on Sunday it had won an offshore contract worth $4 billion from QatarEnergy, one of the world’s top suppliers of liquefied natural gas (LNG).
(Reuters) – Italian energy engineering group Saipem said on Sunday it had won an offshore contract worth $4 billion from QatarEnergy, one of the world’s top suppliers of liquefied natural gas (LNG).
The contract will help boost production at QatarEnergy’s North Field offshore natural gas field, which lies off the northeastern coast of Qatar, Saipem added in a statement.
Earlier this year, Qatar announced an expansion project to boost the North Field’s LNG output to 142 million tons per annum (mtpa) from the current 77 mtpa by 2030.
The Italian group said this month it had won two offshore contracts in Saudi Arabia worth about $1 billion in total, under an existing long-term agreement with oil giant Saudi Aramco.
(Reporting by Kanjyik Ghosh and Harshita Meenaktshi; Editing by Christina Fincher and Helen Popper)
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for storage and transport. It is primarily composed of methane and is used as a cleaner alternative to other fossil fuels.
An offshore contract refers to agreements made for projects that take place in bodies of water, typically for oil and gas exploration or production. These contracts often involve specialized equipment and expertise.
A long-term agreement in finance is a contract that outlines the terms of a business relationship over an extended period, often involving significant investments or commitments from both parties.
An expansion project refers to initiatives undertaken by companies to increase their production capacity or market reach. This often involves investing in new facilities, technology, or resources.
The North Field is a major natural gas field located off the northeastern coast of Qatar. It is one of the largest gas fields in the world and plays a crucial role in Qatar's LNG production.
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