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TotalEnergies to invest $1.5bn in Qatar’s gas expansion project

Qatar News Agency
TotalEnergies will hold a 9.375 percent stake in the project out of a total 25 percent interest available for international partners.

France’s TotalEnergies will invest nearly $1.5 billion in Qatar’s North Field South (NFS) gas expansion project, Qatar News Agency reported.

State-owned QatarEnergy has selected TotalEnergies as the first international partner in the North Field South (NFS) expansion project.

TotalEnergies will hold a 9.375 percent stake in the project out of a total 25 percent interest available for international partners, while QatarEnergy will have the remaining 75 percent interest.

The project comprises two liquefied natural gas (LNG) mega trains with a combined capacity of 16 million tons per annum (MTPA), which will raise Qatar’s total LNG export capacity to 126 MTPA.

TotalEnergies chairman and CEO Patrick Pouyanne called on European companies to conclude LNG agreements, expecting that demand for gas will rise between 2025-2027.

In June, TotalEnergies was the first company to acquire a stake in the North Field East project in Qatar and owns 6.25 percent of the 33 million tons annually project, with a development cost of $28.75 billion.

The field will start production in 2026 and add more than 48 MTPA to the world’s LNG supplies.    

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