TotalEnergies of France has been given a 25% share in the world’s biggest natural gas field in Qatar. QatarEnergy, a state-owned company, will hold the remaining 75% of the company. The new joint venture will own a quarter of the 32 million tons per annum (Mtpa) North Field East (NFE) project, which is comparable to one LNG train with an output of 8 Mtpa. Qatar’s first gas project since lifting a self-imposed moratorium on further development is NFE.
TotalEnergies has become the first foreign business to be awarded a share in a multibillion-dollar project aimed at increasing Qatar’s gas exports. Despite a global energy shortage, Qatar is increasing its liquefied natural gas output. As European countries strive to wean themselves off Russian gas supplies in the aftermath of the Ukraine crisis, global demand for fuel is surging.
The NFE is presently under development, having been started by QatarEnergy in 2019. Qatar’s overall LNG export capacity will be increased from 77 million tons per year to around 110 million tons per year, making it the world’s largest LNG project.
At the award ceremony, Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said: “This is another historic day for TotalEnergies in Qatar, where we have been present for more than 80 years. Qatar has huge natural gas resources that it intends to develop further to increase the production of the least expensive, the most environmentally respectful, and the best-located LNG.”
He added, “We are very proud that Qatar has chosen again TotalEnergies, this time as the first partner for its new major phase of LNG expansion. It is a clear testimony of the profound trust that the teams have developed together, and it will extend our strategic partnership with Qatar and QatarEnergy for more than 25 years.”
Qatar’s Minister of State for Energy Affairs, and president and chief executive of QatarEnergy, Saad Al Kaabi, added: “This is a historic landmark for Qatar’s energy industry and for the world’s largest LNG development. The North Field East project is an iconic achievement that will not only ensure the optimal utilization of Qatar’s natural resources but will also provide the world with the cleaner and more reliable energy it needs.”
