Doha announced that the French giant would have a share of 9.375 % and “a strengthened strategic role” in the draft of the natural gas field North Field South. Patrick Pouyanné welcomed an agreement that arrives at the “best time”.
Le Monde with AFP
Qatar has signed an important contract with the Totalnergies French Gassier and Petroleum Industrial Group in order to increase its production of liquefied natural gas (LNG), announced the Minister of Energy Qatari and CEO of Qatar Energy (QE) , Saad Sherida al-Kaabi, Saturday, September 24, during a joint press briefing with Patrick Pouyanné, Chairman and CEO (CEO) of Totalenergies.
The French group has already signed, in June, an agreement of more than $ 2 billion with Doha for the development of the largest natural gas field in the world, the North Field East (NFE) project. According to Mr. Kaabi, Totalenergies will also participate in the financing of the development project for the Natural gas field North Field South (NFS).
Totalnergies “will have a reinforced strategic role” in gas development in Qatar, said Kaabi. “With a share of 9.375 %, qe announces that it has selected totalnergies as a partner for the development of North Field South,” reported the Qna news agency. “Other partners will be revealed at a later stage,” he added, while the participation of foreign companies in this project should be around 25 %.
1.55 billion euros of investment
Patrick Pouyanné welcomed an agreement that arrives at the “best time”, given the explosion of LNG demand in Europe after the quasi-interruption of Russian natural gas deliveries in the context of the war in Ukraine. He added that Totalenergies would invest $ 1.5 billion (1.55 billion euros) in this project and said he was satisfied to continue to invest in Qatar after closing the Russian market, while ensuring that There is no “overexposure” of the French group at the small emirate of the Gulf.
m. Pouyanné has also argued for the conclusion of company business agreements to secure the gas supplies of Europe, without going through diplomatic or political channels. The security of supplies “has a price,” added the CEO of totalnergies.
The North Fied East, where production must start in 2026, is an extension of the North Field offshore field, the largest natural gas deposit in the world that the Gulf Pays shares with Iran. North Field South is another project to extend the North Field field, which represents around 10 % of the natural gas reserves in the world, according to QE. It extends under the sea to the Iranian territory, where the efforts of the Islamic Republic to exploit the Iranian part of this deposit are hampered by international sanctions.
Qatar is already one of the main LNG producers in the world, with the United States and Australia and aims to increase its production by more than 60 % by 2027. South Korea, the Japan and China are the main customers, Europe having long opposed to the long -term agreements desired by the emirate. But in the context of the war in Ukraine, LNG importers havetened to secure alternatives to Russian gas.