QatarEnergy Awards L&T $4-5 Billion Contract for North Field Expansion

QatarEnergy Awards L&T $4-5 Billion Contract for North Field Expansion

A subsidiary of state-owned QatarEnergy has reportedly awarded a multi-billion-dollar engineering, procurement, construction, and installation (EPCI) contract to India’s Larsen & Toubro (L&T) for the second phase of the North Field Production Sustainability (NFPS) project.

According to MEED, L&T Energy Hydrocarbon has received a letter of intent from QatarEnergy LNG for the project, which is estimated to be worth $4 billion to $5 billion.

The contract involves the construction of two large gas compression systems, compression platforms, flare gas platforms, and other key structures. This phase of the NFPS project aims to expand gas production from the offshore North Field reserve, ensuring long-term sustainability.

Meanwhile, the first phase of the NFPS project is currently being executed by Italian energy contractor Saipem, which is handling its EPCI works.

Following the announcement, shares of L&T, listed on the Bombay Stock Exchange, surged 2%, reaching INR 3,480 ($40.54) in early Monday trading.