Eni Signs Long-Term LNG Contract with QatarEnergy to Boost Supply and Strengthen Partnership

Eni Signs Long-Term LNG Contract with QatarEnergy to Boost Supply and Strengthen Partnership

(IN BRIEF) Eni, in partnership with QatarEnergy LNG NFE (5), has entered into a long-term contract for the North Field East (NFE) project in Qatar. This agreement will facilitate the delivery of up to 1.5 billion cubic meters per annum (bcma) of liquefied natural gas (LNG) to the “FSRU Italia” receiving terminal in Piombino, Italy, starting in 2026 for a duration of 27 years. The NFE project’s LNG production will significantly increase Qatar’s LNG output by 45 bcm, complementing the existing 108 bcm. Italy will benefit from enhanced energy security due to diversified supply sources. This collaboration reinforces the partnership between Eni and QatarEnergy and aligns with Eni’s strategy to increase the role of gas in its production, aiming for 60% by 2030, and expand its equity LNG portfolio, leveraging integration between upstream and gas marketing activities.

(PRESS RELEASE) MILAN, 24-Oct-2023 — /EuropaWire/ — Eni has signed a long-term contract with QatarEnergy LNG NFE (5), the JV between Eni and QatarEnergy for the development of the North Field East (NFE) project in Qatar, for the delivery of up to 1.5 billion cubic meters per annum (bcma) of LNG. The available volumes will be delivered at the receiving terminal “FSRU Italia”, currently located in Piombino, Italy, with expected deliveries starting from 2026 with a duration of 27 years.

The LNG volumes produced by the NFE project will increase Qatar’s LNG production by 45 bcm in addition to the current 108 bcm. The LNG supply contract will contribute to Italy’s security of supply through the diversification of its supply sources. Eni is already importing in Europe 2.9 bcma from Qatar since 2007 under a long term supply agreement.

This agreement strengthens the partnership between Eni and QatarEnergy, and it is a further step in the development of Eni’s integrated global LNG portfolio.

The participation in the NFE project and the LNG contract are in line with Eni’s transition strategy, which aims to progressively increase the role of gas in Eni’s upstream production, reaching 60% by 2030, and increasing the contribution of equity LNG, leveraging integration between upstream and gas marketing activities.

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SOURCE: Eni S.p.A