French energy company Total Energies intends to inject new investments in the North-South natural gas project in Qatar, at a time when Europe is intensifying its efforts to reduce its dependence on Russian gas supplies, according to Bloomberg Agency quoted on Tuesday, according to informed sources.
The sources added that Total Energy would acquire a stake in the field, in a multi-billion dollar investment plan that would boost Qatar’s exports of liquefied natural gas, but would take years to complete.
It is not known exactly how much Total Energy will invest in the project, but its investments include building gas liquefaction plants, according to the agency.
Qatar is trying to consolidate its position as one of the largest natural gas producers in the world, and raise its production capacity to take advantage of the gap in gas supplies created by Western sanctions imposed on Russia.
Earlier this year, Qatar sold to five international companies the rights of about 25% of the Northeast Field project – a gas project separate from the North South Field project, according to Bloomberg – which will raise Qatar’s production capacity of natural gas from 77 million tons currently to 110 million tons annually before the end of 2025, with investments of nearly $29 billion.
Total Energies, Shell and ExxonMobil each acquired a 6.25% stake in the Northeast Field concession, while Eni and ConocoPhillips each acquired 3.1%.
(Prepared by: Amani Radwan, Editing: Maryam Abdel-Ghani, contact [email protected])
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