(Reuters) – Italian energy engineering firm Saipem announced on Sunday that it has secured an offshore contract valued at $4 billion from QatarEnergy, one of the world’s leading suppliers of liquefied natural gas (LNG).
The contract is set to enhance production at QatarEnergy’s North Field, a major offshore natural gas field located northeast of Qatar. Saipem highlighted in its statement that this project aligns with QatarEnergy’s expansion plans.
Earlier this year, Qatar unveiled its ambitious North Field expansion project, aiming to increase LNG output from the current 77 million tons per annum (mtpa) to 142 mtpa by 2030.
This development follows Saipem’s announcement earlier this month, where it revealed the award of two offshore contracts in Saudi Arabia, totaling around $1 billion. These contracts fall under an existing long-term agreement with Saudi Aramco, one of the world’s largest oil producers.