Officials from QatarEnergy and TotalEnergies during the signing ceremony.
QatarEnergy, a state-owned petroleum company, has selected French multinational integrated energy and petroleum company, TotalEnergies as the first international partner in the North Field South (NFS) expansion project.
The NFS project, which comprises two LNG mega trains with a combined capacity of 16 million tons per annum (MTPA), will raise Qatar’s total LNG export capacity to 126 MTPA.
The French company said in a statement that it will have an effective net participating interest of 9.375 percent in the NFS project (out of a total 25 percent interest available for international partners) while QatarEnergy will hold a 75 percent interest.
Saad bin Sherida al-Kaabi President & CEO QatarEnergy
“QatarEnergy is moving forward, 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. We will continue our efforts to power lives in every corner of the world for a better tomorrow for all. Talks are ongoing with German utilities RWE AG and Uniper SE.”
According to the statement, “TotalEnergies was the first company to acquire a stake in the North Field East (NFE) project in Qatar last June, and owns 6.25 percent of 33 million tons annually project, which will cost $28.75 billion to build.”
For his part, Chairman and Chief Executive Officer of TotalEnergies Mr. Patrick Pouyanne stated that “TotalEnergies’ investment in the new project will be around $1.5 billion, affirming the historical relations between Qatar and his company and noting that the agreement came “at the perfect time” in light of the demand for liquefied natural gas, especially in Europe.”
The North Field Expansion Project, comprising NFS and the North Field East (NFE) expansion projects, is the industry’s largest ever LNG project. It will start production in 2026 and will add more than 48 MTPA to the world’s LNG supplies.
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