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Shell (NYSE:SHEL) is set to follow other Western energy oil majors by taking a stake in Qatar’s $29B project to boost exports of liquefied natural gas, Bloomberg reported on Wednesday.
Shell (SHEL) CEO Ben van Beurden likely will attend the signing ceremony next week with Qatari Energy Minister and Qatar Energy CEO Saad al Kaabi, according to the report.
The company previously confirmed it bid for a stake in the North Field East project, which will raise Qatar’s maximum LNG production to 110M tons by 2026 from 77M tons currently.
It is unclear how much Shell (SHEL) will invest in the project; Exxon and TotalEnergies will each own 6.25%, while ConocoPhillips and Eni will each acquire stakes of 3.125%.
Qatar’s LNG expansion comes as Europe races to shore up new supplies of the fuel.
