The Limited Times

Now you can see non-English news...

TotalEnergies invests massively in Qatar to increase the production of liquefied natural gas

2022-09-24T11:03:54.579Z

The French giant had already signed a $2.5 billion deal in June to develop the world's largest natural gas field.



Qatar announced on Saturday September 24 the signing of a major contract with the French gas and oil giant TotalEnergies to increase its production of liquefied natural gas (LNG), against the backdrop of the energy crisis in Europe caused by the Russian war in Ukraine.

Qatari Minister of Energy and CEO of Qatar Energy (QE), Saad Sherida al-Kaabi made the announcement during a joint press briefing with Patrick Pouyanné, CEO of TotalEnergies.

The French giant already signed a more than $2 billion deal with Doha in June for the development of the world's largest natural gas field, the North Field East (NFE) project.

According to Sherida al-Kaabi, TotalEnergies will also participate in the financing of the North Field South (NFS) natural gas field development project.

Read alsoElectricity and gas prices: how to react to supplier slippages

TotalEnergies “

will have a stronger strategic role

” in gas development in Qatar, said Sherida al-Kaabi.

"

With a share of 9.375%, QE announces that it has selected TotalEnergies as a partner for the development of North Field South

", reported the Qatari press agency QNA.

Other partners will be revealed at a later stage.

The participation of foreign companies in this project should be around 25%, according to the Qatari authorities.

The North Field East, where production is due to start in 2026, is an extension of the offshore North Field, the world's largest natural gas field that the Gulf country shares with Iran.

North Field South is another expansion project for the North Field field, which accounts for about 10% of the world's known natural gas reserves, according to QE.

It extends under the sea into Iranian territory, where efforts by the Islamic Republic to exploit their part of this deposit are hampered by international sanctions.

Qatar is already one of the largest LNG producers in the world, along with the United States and Australia, and aims to increase its production by more than 60% by 2027. South Korea, Japan and the China are the main customers, Europe having long opposed the long-term agreements desired by the emirate.

But following the war in Ukraine, LNG importers are rushing to secure alternatives to Russian gas.

SEE ALSO -

Qatar: TotalEnergies chosen to develop the largest gas field in the world

Source: lefigaro

All business articles on 2022-09-24

You may like

Trends 24h

Business 2022-11-26T15:27:00.849Z
Business 2022-11-26T14:26:18.491Z

Latest

© Communities 2019 - Privacy