France’s TotalEnergies injects further $1.5 bn into Qatar gas

France’s TotalEnergies injects further $1.5 bn into Qatar gas

France's TotalEnergies on Saturday signed a new $1.5 billion deal to help expand Qatar's natural gas production as Europe scrambles to find new energy sources to replace Russian supplies.

But TotalEnergies chairman Patrick Pouyanne and Qatar Energy Minister Saad Sherida Al-Kaabi expressed surprise at reports that Germany was resisting 20-year contracts -- insisting that Europe must agree longer contracts to guarantee supplies.

The French energy giant will have a 9.3 percent stake in Qatar's North Field South project, part of the world's biggest natural gas reserves, Kaabi said at a signing ceremony.

Pouyanne said TotalEnergies would invest $1.5 billion in the new field.

It had already agreed in June to put more than $2 billion into Qatar's North Field East and Kaabi said: "With this agreement, we see an enhanced position for TotalEnergies as a long term strategic partner".

Twenty five percent of the field is to be reserved for foreign firms and more deals will be announced in coming weeks, Kaabi said.

Britain's Shell, Italy's ENI and US giants ConocoPhillips and ExxonMobil have already signed up to be part of North Field East.

- Security will cost -

Qatar has embarked on a massive expansion of the whole North Field, aiming to increase its liquefied natural gas