*Production capability to rise from 4.8 to 6.5mn barrels of oil equivalent a day in eight years
Qatar Petroleum is developing its capabilities in many parts of the world with a target of increasing total production capability from 4.8 to 6.5mn barrels of oil equivalent (mboe) a day in eight years, said QP President and CEO Saad Sherida al-Kaabi.
“Qatar Petroleum is highly competitive, very reliable, and is ready for the future,” al-Kaabi said in his keynote speech at the opening of the Oil & Money Conference in London on Tuesday. The conference is held under the theme “The New Energy Map”.
He also said that Qatar Petroleum is investing in safety, efficiency, reliability, technology, preserving the environment, and most importantly, our human capital.
In his opening speech, al-Kaabi highlighted Qatar’s role in helping meet the growing global demand for energy and said: “We in Qatar take special pride in our global reputation as a trustworthy and reliable energy producer. In this respect, I am proud to say that Qatar has lived up to its international reputation as a reliable and trustworthy energy producer at all times and under all circumstances. We safely and reliably delivered more than 12,500 LNG cargoes in 22 years without missing a single cargo.
“We are continuing our legacy and growth by recently announcing our decision to increase Qatar’s LNG production capacity to 110mn tonnes per year (mtpy) by 2024, representing an increase of about 43% from our current production capacity of 77 mtpy.
The new expansion project will give us the extended ability and flexibility to meet additional global demand while further boosting Qatar Petroleum's strategic growth plans,” al-Kaabi added.
Al-Kaabi also gave an overview of the recent developments in the global gas industry and the changing attitude towards gas as the cleanest of all fossil fuels.
He said: “Many countries around the world are beginning to reject the economic and environmental cost of total and absolute reliance on oil. The combined change effect of both financial burdens and environmental awareness is helping re-shape the energy landscape towards less oil, and more of cleaner sources of energy and renewables.”
Al-Kaabi reviewed the changing energy landscapes stressing that “in the midst of all these changing landscapes, natural gas remains as the one great middle ground that has both the economic and environmental benefits.”
On the sidelines of the conference, al-Kaabi held talks in London with global industry leaders on a host of issues related to the gas industry and bilateral co-operation. They meetings included talks with Board Chairmen and chief executives of the companies taking part in the conference.
The first day of the event was devoted completely to gas, the changing position of gas in corporate portfolios, long-term threats to gas demand in power generation, and what it all means for the world's largest gas producers.
The 39th annual Oil & Money Conference is co-hosted by The New York Times and Energy Intelligence and is attended by senior executives, policy makers, financiers, strategists and experts from the international oil and gas industry.