Companies news
France's TotalEnergies injects further $1.5 bn into Qatar gas
France 24, September 24 2O22
France's TotalEnergies is to pump $1.5 billion dollars into exanding gas output from Qatar's huge North Field, adding to more than $2 billion already announced in June Christophe ARCHAMBAULT AFP/File
Doha (AFP) – France's TotalEnergies on Saturday signed a new $1.5 billion deal to help expand Qatar's natural gas production as Europe scrambles to find new energy sources to replace Russian supplies.
But TotalEnergies chairman Patrick Pouyanne and Qatar Energy Minister Saad Sherida Al-Kaabi expressed surprise at reports that Germany was resisting 20-year contracts -- insisting that Europe must agree longer contracts to guarantee supplies.
The French energy giant will have a 9.3 percent stake in Qatar's North Field South project, part of the world's biggest natural gas reserves, Kaabi said at a signing ceremony.
Pouyanne said TotalEnergies would invest $1.5 billion in the new field.
It had already agreed in June to put more than $2 billion into Qatar's North Field East and Kaabi said: "With this agreement, we see an enhanced position for TotalEnergies as a long term strategic partner".
