France's TotalEnergies on Saturday signed a further $1.5 billion investment in Qatar's natural gas production expansion as Europe scrambles to find new supplies amid growing energy crisis.

The French energy giant will have a 9.3 percent stake in Qatar's North Field South project, part of the world's biggest natural gas reserves, Qatar Energy Minister Saad Sherida al-Kaabi said at a signing ceremony.

TotalEnergies chairman Patrick Pouyanne said the company would invest $1.5 billion in the new field.

Twenty-five percent of the field is to be reserved for foreign firms and more deals will be announced in the coming weeks, al-Kaabi said.

Britain's Shell, Italy's ENI and U.S. giants ConocoPhillips and ExxonMobil have already signed up to be part of the North Field East.

Security will cost

Qatar has embarked on a massive expansion of the whole North Field, aiming to increase its liquefied natural gas (LNG) production by more than 60 percent by 2027.

The boost comes as Europe struggles to replace supplies of Russian oil and natural gas due to the Ukraine conflict.

Pouyanne said Europe had to accept longer deals to guarantee supplies. Producer countries and energy majors have insisted on the need for certainty in contracts to justify the huge investments needed in the gas industry.

"For us, 15 years-plus constitutes a long-term deal," al-Kaabi said.

"The question is simple, the longer it (the contract) is, the better the price will be for the buyer," said Pouyanne.

Qatar is one of the world's top LNG producers, alongside the U.S., Australia and Russia. State-owned Qatar Energy estimates the North Field holds about 10 percent of the world's known natural gas reserves.

Qatar's gas is among the cheapest to produce and has fueled an economic boom in the Gulf emirate, which is now one of the world's wealthiest countries. 

(Source: AFP with edits)