France's TotalEnergies signs a further $1.5 billion investment in Qatar's North Field South natural gas production expansion project
France's TotalEnergies has signed a further $1.5 billion investment in Qatar's natural gas production expansion, which comes as Europe scrambles to find new energy sources to replace Russian supplies.
"Qatar Energy announces the selection of TotalEnergies as a partner for the development of the North Field South," Qatar's official news agency QNA said.Kaabi said TotalEnergies would also help to finance the extraction of gas from North Field South, for which 25 percent would be reserved for foreign energy firms.
"We need new capacity for sure, and this will be coming at perfect timing," he said, adding that European countries had to be prepared to strike more long term deals and possibly pay a higher price to guarantee energy.Shell of Britain, Eni of Italy and United States giants ConocoPhillips and ExxonMobil have also signed up to be part of the North Field East project.
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