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|26 October, 2018

Total will be disappointed to miss out on Qatar LNG expansion - CFO

Qatar announced plans in September to boost its LNG production capacity by adding a fourth LNG production line

image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

image used for illustrative purpose A view of the Adriatic liquefied natural gas (LNG) terminal in Venice, October 20, 2009.

REUTERS/Stefano Rellandini

PARIS - French oil and gas major Total will be disappointed if it misses out on taking part in Qatar's planned liquefied natural gas (LNG) expansion, part of its strategy to be a top player in the segment, a top company executive said.

Qatar announced plans in September to boost its LNG production capacity by adding a fourth LNG production line, aiming to raise its output capacity from the North Field to 110 million tonnes a year.

"We are very interested in Qatar LNG with the decision made by the Qataris to increase their capacity with the fourth train of roughly 30 million tonnes," Chief Financial Officer Patrick de La Chevardiere told analysts during a call on Friday.

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"We'll be disappointed if we are not part of the Qatar expansion," de La Chevardiere said. "We are not the only ones interested on Qatar (but) ... It is our strong intension to be part of this process and it will be part of our new expansion into LNG."

The French oil and gas major is expanding its footprint in LNG with a number of upstream and downstream projects globally. In July, it completed the $1.5 billion acquisition of Engie's  LNG business to become the second-largest player in the global LNG market.

De La Chevardiere said Total also plans to make final investment decisions on a number of projects including Arctic LNG2, Papua New Guinea, and the expansion of its Cameron, Louisiana LNG asset with two additional trains.

(Reporting by Bate Felix Editing by Sybille de La Hamaide and David Holmes) ((bate.felix@thomsonreuters.com; +33 1 49 49 55 70; Reuters Messaging: bate.felix.reuters.com@reuters.net; Twitter: @BateFelix))