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TotalEnergies has signed a further $1.5 billion investment in the world’s largest natural gas field – with “perfect timing”, chief executive Patrick Pouyanne said, as Europe searches for new energy sources to replace Russian supplies.

Qatar’s energy minister Saad Sherida Al-Kaabi announced Saturday the agreement with TotalEnergies chief executive Patrick Pouyanne.

TotalEnergies will own 9.3 percent of the North Field South project, with 25 percent reserved for foreign energy companies, Kaabi said.

“Qatar Energy announced the selection of TotalEnergies as a partner for the development of the southern part of the northern field,” Qatar’s official news agency QNA said. “New partners will be announced at a later stage.”

The French giant will also help finance gas extraction from North Field South and will play an “enhanced strategic” role in Qatar’s gas expansion, Kaabi said.

in June, Almighty $2 billion deal Participation in the large North Field East project, which will help Qatar increase its liquefied natural gas (LNG) production by more than 60% by 2027.

‘just in time’

LNG at North Field is expected to start production in 2026.

since Russia cuts oil and gas supplies For much of Europe, European countries have been scrambling to find alternatives.

The latest deal will cost another $1.5 billion, Pouyanne said Saturday, saying his company would take on larger production if possible.

“We definitely need new capacity and it will come at the perfect time,” he told reporters.

Officials said more companies will be announced at North Field South in the coming weeks, but Almighty will have the largest foreign slice.

Qatar Already one of the world’s top LNG producers alongside the US and Australia.

State-owned Qatar Energy estimates that North Field holds around 10 percent of the world’s known natural resources gas reserve.

The reserves extend under the sea into Iranian territory, and Tehran’s efforts to develop its South Pars gas field have been hampered by international sanctions.

South Korea, Japan and China have become key markets for Qatar’s LNG, but vitality When the European crisis hit last year, the Gulf countries provided Britain with additional supplies and announced a cooperation agreement with Germany.

(with newswire)