A gigantic tank.
Qatar announced on Sunday that it has chosen the French hydrocarbon giant TotalEnergies as its first foreign partner to develop the largest natural gas field in the world.
This news comes as all the leaders are courting the Gulf emirate to find an alternative to Russian gas.
“I am pleased to announce the selection of TotalEnergies as the first partner in the North Field East project,” Qatari Energy Minister Saad Sherida Al-Kaabi told a press conference in Doha.
10% of known gas reserves
The French group will take a 6.25% share in the project as part of a joint venture with QatarEnergy (QE), the Qatari hydrocarbon giant, said TotalEnergies CEO Patrick Pouyanne in the Qatari capital.
This file is part of the project to expand the offshore North Field, the largest natural gas field in the world that Qatar shares with Iran.
The North Field accounts for about 10% of the world's known natural gas reserves, according to QE.
These reserves extend under the sea into Iranian territory, where the Islamic Republic's efforts to exploit the South Pars field are hampered by international sanctions.
According to Minister Al-Kaabi, other agreements will be announced "in the near future".
Exxon Mobil, Shell and ConocoPhilips are in line to participate in the expansion of the project that Qatar initially wanted to finance alone.
The stake of foreign oil and gas giants is expected to be about 25% in the project, which is expected to cost more than $28 billion and increase production by more than 60% by 2027, according to QE.
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