France’s TotalEnergies has been awarded a 25 percent stake to develop the world’s largest natural gasfield in Qatar. The remaining 75 percent stake will be owned by state-owned QatarEnergy.
Qatar wants to increase production of its natural gas and satisfy growing global demand for LNG (liquified natural gas).
In a statement on Sunday, TotalEnergies revealed it has secured the 25 percent stake to develop the North Field East (NFE) site.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “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: “It is good news for the fight against climate change as gas and LNG are key to support the energy transition, and notably the shift from coal to gas in many countries.
“With its low costs and low greenhouse gas emissions – thanks to carbon capture and storage – the North Field expansion will be an exemplary and major contribution to our low-carbon LNG growth strategy.”
The NFE, launched by QatarEnergy in 2019, is currently under construction. It is intended to increase Qatar’s total LNG export capacity from 77 million tonnes a year to about 110 million tonnes a year.
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.”
More partners in the NFE expansion project are expected to be announced.
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