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McDermott Wins Offshore Work for Qatari LNG Expansion Project

Cars are parked outside the headquarters of Qatar Petroleum in Doha, Qatar, July 8, 2017. (Reuters)
Cars are parked outside the headquarters of Qatar Petroleum in Doha, Qatar, July 8, 2017. (Reuters)
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McDermott Wins Offshore Work for Qatari LNG Expansion Project

Cars are parked outside the headquarters of Qatar Petroleum in Doha, Qatar, July 8, 2017. (Reuters)
Cars are parked outside the headquarters of Qatar Petroleum in Doha, Qatar, July 8, 2017. (Reuters)

QatarEnergy said it has awarded an engineering, procurement, construction and installation (EPCI) contract for the offshore portion of its massive North Field Liquefied natural gas (LNG) expansion project to engineering company McDermott.

The project will increase Qatar’s LNG production capacity from 77 million tons per annum to 126 million tons per annum through the North Field East (NFE) and North Field South (NFS) expansion projects, with the first LNG expected in 2025.

The North Field lies off the northeast shore of the Qatar peninsula and is one of the largest single non-associated natural gas fields in the world.

According to press statement by QatarEnergy, the scope for the awarded contract includes 13 normally unmanned wellhead platforms topsides (eight for NFE and five for NFS), in addition to various connecting pipelines and the shore approaches for the NFE pipelines, beach valve stations and buildings.

The jackets and the pipelines for the NFS Project will be subject to a separate tender, which is expected to be awarded in the first half of 2022.

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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East.

Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far.

US gold futures shed 1.4% to $3,361.80.

Describing the situation in the Middle East as "fluid", Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, said it is causing traders to avoid taking aggressive positions both on the long and the short side of the trade spectrum, reported Reuters.

US President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table.

Meanwhile, Trump reiterated his calls for the US Federal Reserve to cut interest rates, saying it should be 2.5 percentage points lower.

The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year.

"Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price," analysts at ANZ said in a note.

"Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year."

The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders.

Elsewhere, spot silver slipped 2.1% to $35.61 per ounce, while palladium fell 0.8% to $1,042.04. Platinum fell 1.9% to $1,282.72, but was heading for its third straight weekly rise.