AA / Paris / Ümit Dönmez
Qatar announced on Saturday the signing of a major contract with the French energy giant, TotalEnergies, for the development of a natural gas field in the Persian Gulf.
During a joint press conference with Patrick Pouyanné, CEO of TotalEnergies, Qatari Minister of Energy and CEO of Qatar Energy (QE), Saad Sherida al-Kaabi announced that TotalEnergies will participate in the financing of the field development project natural gas North Field South (NFS).
TotalEnergies “will have a reinforced strategic role” in gas development in Qatar, stressed the Qatari minister.
The Qatari news agency QNA reported that TotalEnergies has been selected by Qatar Engergy as the partner for the development of North Field South and that the French energy giant will hold a 9.375% share and that the cumulative share of foreign companies in the project will be around 25%.
“Other partners will be selected at a later stage,” QNA said.
For his part, Patrick Pouyanné indicated that TotalEnergies will invest 1.5 billion dollars in this gas project.
It should be recalled that TotalEnergies had already signed an agreement worth more than 2 billion dollars with Doha in June for the development of the North Field East (NFE) project.
NFS and NFE are gas field expansion projects, offshore North Field (also known as South Pars or North Dome), the largest known natural gas field in the world, shared by Qatar and Iran . It holds 10% of the world’s natural gas reserves, according to Qatar Energy.
Following the war in Ukraine, European countries that import natural gas, notably France, Germany, Italy and the United Kingdom, are stepping up initiatives to reduce their dependence on hydrocarbons from Russia.
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