The world’s largest natural gas field! A giant deal of 1.5 billion has been reached

The agreement was signed at a ceremony in the capital, Qatar, according to Qatari news agency QNA.

It was signed by Saad al-Kaabi, Qatar’s Minister of State for Energy and CEO of QatarEnergy, and Patrick Pouyanne, CEO of TotalEnergies.

According to the agreement signed between the parties, TotalEnergies will acquire 9.375 percent of the total international partnership shares, which is 25 percent in the project, while QatarEnergy will own 75 percent.

1.5 BILLION DOLLARS FOR NATURAL GAS FIELD EXPANSION PROJECT

The report stated that TotalEnergies is planning to invest $1.5 billion in the largest natural gas field expansion project in Qatar.

The North Field expansion project consists of two parts, the North Field-East and the North Field-South.

Qatar had previously signed 5 partnership agreements for the North Field-East expansion project.

Speaking at the signing ceremony, Kaabi said that Qatar is trying to increase its natural gas production and liquefaction capacity in line with the increasing fuel demand in the world.

TO INCREASE LNG PRODUCTION TO 126 MILLION TONS

Kaabi stated that the project will increase LNG production in Qatar from 77 million tons to 126 million tons, and TotalEnergies and other international oil companies will have a total of 25 percent stake in this project.

Noting that they continue to work towards meeting the world’s increasing energy needs with LNG, one of the cleanest energy types, Kaabi stated that they have made large investments to reduce the carbon intensity of the products they produce as a requirement of Qatar’s energy policy.

Kaabi stated that negotiations are continuing with German energy companies Uniper and RWE AG for the remainder of the 25 percent of the project allocated to international companies.