Europe's frantic search for gas hurt by unrealistic demands, Total CEO says

Sep. 24, 2022 8:35 PM ETTotalEnergies SE (TTE)By: Carl Surran, SA News Editor159 Comments

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Europe's struggle to replace Russian pipeline gas flows it normally would rely on during the winter is being hurt by unrealistic demands from buyers, TotalEnergies (NYSE:TTE) CEO Patrick Pouyanne said Saturday, according to Bloomberg.

Buyers are seeking short-term contracts to buy liquefied natural gas but do not seem willing to pay higher prices, the CEO said.

"If Europe wants some security of supply, it has a cost," Pouyanne said in Qatar, where TotalEnergies (TTE) signed a deal to spend ~$1.5B in a huge liquefied natural gas project.

The French company will hold a 9.375% stake in the North Field South project, which will raise Qatar's LNG capacity to 126M tons.

TotalEnergies (TTE) was the first foreign company to buy a stake in another Qatari development, the 33M tons/year North Field East project, in which the company owns 6.25% and has invested ~$2B so far.

German Chancellor Olaf Scholz will visit Qatar on Sunday; the country has relied more heavily than its neighbors on Russian gas.

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