QatarEnergy teams up with TotalEnergies to help future energy transition
The 16 million tonnes per annum (MTPA) North Field South (NFS) LNG project in Qatar has chosen TotalEnergies as its first international partner. TotalEnergies will contribute about $1.5 billion to the expansion’s budget. The 32 MTPA North Field East (NFE) liquefied natural gas (LNG) project initially chose the French energy giant as its first partner.
Out of the entire 25% interest available for international partners, TotalEnergies will receive a participating interest of 9.375% in the NFS project, with QatarEnergy holding the remaining 75%. NFE and NFS work together to create the larger North Field Expansion project, which will expand LNG output from the North Field and boost Qatar’s export capacity by 48 Mtpa by 2028.
The world’s third largest low-carbon LNG company, TotalEnergies has a global market share of 10%. In addition to oils, biofuels ad natural gasses, the company also produces and markets green gasses, renewables and electricity.
At the signing ceremony, Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said: “Following North Field East, we are truly honoured and proud that Qatar has once again chosen TotalEnergies to be QatarEnergy’s first partner in North Field South. The State of Qatar’s ambitious leadership in further developing its natural gas resources through this expansion project, which ranks among the world’s most competitive in terms of costs and low emissions, will make a major contribution to increasing LNG supply in the years to come.”
In his remarks during the ceremony, His Excellency Mr Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “QatarEnergy is moving forward, with the support of our partners, to help meet growing global demand for cleaner energy, of which LNG is the backbone for a serious and realistic energy transition. We are committing significant investments to lower the carbon intensity of our energy products, which constitutes a key pillar of QatarEnergy’s sustainability and energy transition strategy. I am pleased to welcome TotalEnergies yet again to our flagship LNG projects. I would like to thank Mr Patrick Pouyanné, Chairman of the Board and CEO of TotalEnergies for his leadership and continued efforts to further strengthen our long-term partnership.”
