France's TotalEnergies adds $1.5 billion to Qatar's gas expansion
France's TotalEnergies on Saturday signed a further $1.5 billion investment in Qatar's natural gas production expansion, which comes as Europe scrambles to find new energy sources to replace Russian supplies.
The French energy giant will have 9.3 percent stake in the North Field South gas project, the first foreign partner in that section of the vast field, Qatar Energy Minister Saad Sherida Al-Kaabi announced, at a news conference alongside TotalEnergies chief executive Patrick Pouyanne.
"Qatar Energy announces the selection of TotalEnergies as a partner for the development of the North Field South," Qatar's official news agency QNA said. "New partners will be announced at a later stage."
Kaabi said TotalEnergies would also help to finance the extraction of gas from North Field South, for which 25 percent would be reserved for foreign energy firms.
The French firm would take on an "enhanced strategic" role in Qatar's gas expansion, he added.
In June, TotalEnergies agreed a $2-billion deal to take part in the giant North Field East project, that will help Qatar increase its liquefied natural gas (LNG) production by more than 60 per cent by 2027.
Pouyanne, who said Saturday the...