France’s TotalEnergies has signed a $1.5 billion investment agreement
in expanding Qatar’s natural gas production as Europe rushes to find
new energy sources to replace Russian supplies. TotalEnergies Chief
Executive Patrick Pouyanne, who traveled to Doha for the agreement
signing, said the deal came at a "perfect time" to help resolve Europe's
energy crisis. President and CEO of QatarEnergy, Saad al Kaabi, said
on Saturday that TotalEnergies would hold 9.375 percent of the 25
percent allocated to international partners in the North Field South gas
project. QatarEnergy retains a majority share of 75 percent. Kaabi added
that QatarEnergy was always talking to buyers globally whether in Europe
or Asia and would continue to do so for commercial contracts for the
expansion project as per market needs. “Half of our production normally
goes East and half goes West, this equation may be the same or may be
60% to 40% according to market needs,
it is a supply and demand matter,” Kaabi said.