TotalEnergies SE became the first foreign company to win a stake in a multi-billion dollar project to boost Qatar’s gas exports.
Qatar is expanding production of liquefied natural gas amid a worldwide energy crunch. Global demand for the fuel is soaring as European nations race to wean themselves off Russian gas supplies in the wake of Moscow’s attack on Ukraine.
TotalEnergies will get a 6.25% equity stake in the first phase of the plan, state producer Qatar Energy said on Sunday. Known as North Field East, it will cost almost $29 billion and include the construction of four LNG liquefaction units, or trains. It will expand Qatar’s annual capacity to 110 million tons by 2026 from 77 million. TotalEnergies will own 25% of a joint venture with Qatar Energy, with the venture in turn holding 25% of North Field East.
Another partner will be announced later this week, Saad al Kaabi, Qatar’s energy minister and head of Qatar Energy, told reporters in Doha. Exxon Mobil Corp. and ConocoPhillips are also poised to win stakes, Bloomberg reported last week, while Shell Plc put in a bid.
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