QatarEnergy inks deal for field expansion

TotalEnergies will invest around $1.5 billion in the planned expansion of Qatar’s liquefied natural gas capacity, the French energy major said on Saturday, a project that promises to ramp up gas supplies to energy-hungry European markets.

The company’s Chief Executive Patrick Pouyanne travelled to Doha to sign a deal with QatarEnergy Chief Saad al-Kaabi for the North Field South (NFS) expansion, saying that the deal came at a “perfect time” when world leaders particularly in Europe were seeking new LNG supplies.

Qatar’s North Field expansion project will boost its position as the world’s top LNG exporter and help guarantee long-term supplies of gas to Europe as the continent seeks alternatives to Russian flows.

Kaabi said TotalEnergies would have a 9.375% stake out of a 25% stake in NFS dedicated for international partners. QatarEnergy will hold 75% of NFS. He said he could not disclose the total cost of the NFS project as some onshore contracts had not yet been finalised.

Published in The Express Tribune, September 25^th, 2022.

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