QatarEnergy intends to offer a 25% stake in the project to international partners while retaining a majority stake of 75%.
The North Field East and North Field South projects form part of the wider North Field expansion project, which aims to boost the existing North Field’s LNG production capacity.
By 2028, these two projects are expected to add 48Mtpa to the export capacity of Qatar, bringing the country’s total export capacity to 126Mtpa.
Earlier this year, TotalEnergies and QatarEnergy agreed to form a joint venture (JV) for the $28.75bn North Field East (NFE) expansion project, whereby the French firm will have a 25% stake.
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TotalEnergies chairman and CEO Patrick Pouyanné said: “The State of Qatar’s ambitious leadership in further developing its natural gas resources through this expansion project, which ranks among the world’s most competitive in terms of costs and low emissions, will make a major contribution to increasing LNG supply in the years to come.
“We consider Qatar as a long-term strategic country for TotalEnergies and this latest addition to our portfolio marks an important step toward our low-carbon LNG growth objectives, a key pillar of TotalEnergies’ transformation into a sustainable multi-energy company. It will also further strengthen our ability, together with Qatar, to support Europe’s energy security.”
The North Field South expansion project will comprise two LNG mega trains, each with a capacity of 8Mtpa.
Qatar Minister of State for Energy Affairs and QatarEnergy president and CEO Saad Sherida Al-Kaabi said: “QatarEnergy is moving forward, with the support of our partners, to help meet growing global demand for cleaner energy, of which LNG is the backbone for a serious and realistic energy transition.
“We are committing significant investments to lower the carbon intensity of our energy products, which constitutes a key pillar of QatarEnergy’s sustainability and energy transition strategy.”