TotalEnergies gains USD1.5B to Qatar’s gas production growth| MENAFN.COM

Friday, 02 December 2022 03:45 GMT

TotalEnergies gains USD1.5B to Qatar’s gas production growth


(MENAFN) France’s Total Energies on Saturday inked an additional USD1.5 billion investment in Qatar’s natural gas output growth, which comes as Europe challenges to discover extra energy sources to substitute Russian provisions.

The French energy giant is going to have 9.3 percent share in the North Field South gas venture, the initial foreign partner in that area of the vast sector, Qatar Energy Minister Saad Sherida Al-Kaabi declared, at a news meeting along with TotalEnergies head executive Patrick Pouyanne.

Qatar’s official news agency QNA stated that “Qatar Energy announces the selection of TotalEnergies as a partner for the development of the North Field South.”

Adding that “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 company would make an “enhanced strategic” part in Qatar’s gas growth, he also noted.

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