Pope Francis joins crusade against fossil fuels
- As oil giants sign deal for new LNG development
Catholic pontiff, Pope Francis, weekend threw his weight behind Europe’s demand for energy transition from fossil sources, calling on the world to evolve energy forms that would be friendly to the environment while accommodating the needs of developing nations.
Significantly, the pope’s call coincided with big deal between two world’s energy factors, TotalEnergies and QatarEnergy, to boost gas supplies from new fields in the Middle East to energy starved Europe in the next four years time.
Pope Frances who addressed over 1000 young economists and entrepreneurs in Assisi, central Italy, also called for a just and inclusive world economy.
The gathering organized by the Economy of Francesco initiative hosted young economists and people involved in start-ups geared towards helping the environment. Now is the time for new courage in abandoning fossil fuels to accelerate the development of zero- or positive-impact sources of energy,” Francis told the delegates.
“There are many people, businesses and institutions that are making an ecological conversion. We need to go forward on this road and do more. Our generation has left you with a rich heritage, but we have not known how to protect the planet and are not securing peace,” he said, addressing young people, he added.
The pope called for an economy of the Gospel which he described as a just, sustainable and inclusive world economy, explaining that the model would “not a utopia,” and would need to go beyond “cosmetic changes.”
Across the Mediterranean Sea, French and Qatari energy giants signed a $1.5 billion natural gas deal in which both companies would collaborate on the North Field South project, a section of the world’s largest single gas field.
The deal could boost gas supplies to Europe from the Gulf state within four years, according to the companies.
Europe is racing to find new energy sources to ween itself off Russian gas in the wake of the Ukraine war.
The head of QatarEnergy Saad al-Kaabi said Total would take a 9.375% stake in the North Field South (NFS) project. He explained that foreign firms can own up to a 25% stake in the project.
Liquefied natural gas (LNG) from the field is expected to start coming online in 2026, and Kaabi said that the French giant would also help to finance field development project and also take on an “enhanced strategic” role in Qatar’s gas expansion
TotalEnergies Chief Executive Patrick Pouyanne, who traveled to Doha for the signing, said the deal came at a “perfect time” to help resolve Europe’s energy crisis after Russia cut gas supplies in retaliation to sanctions over the Ukraine war.
The North Field discovered in 1971 is Qatar’s part of by far the world’s largest gas field, the South Pars-North Field in the Persian Gulf and. The South Pars section is in Iranian territorial waters while the North Field is in Qatari waters. The North Field covers an area of more than 6,000 square kilometers, equivalent to about half the land area of Qatar.
Qatar Energy estimates that North Field holds about 10% of the world’s known natural gas reserves, which could last up to 600 years. The field has allowed Qatar to become one of the world’s top LNG producers, alongside the United States and Australia. North Field South is the second phase of the expansion of the gas field, which was first announced in 2019, alongside North Field East.
Total has already signed a $2 billion deal to take part in North Field East, which will help the Gulf state boost its LNG output by more than 60%. Other international partners are Britain’s Shell, Exxon Mobil, ConocoPhillips from the United States and Italy’s ENI.
Qatar’s gas is among the cheapest to produce and has fueled an economic boom in the tiny state, which has become one of the world’s wealthiest countries. South Korea, Japan and China are the main markets for Qatar’s LNG.
The Gulf state signed an LNG cooperation deal with Germany this summer and has helped Britain with extra supplies.
