Qatar Petroleum’s strategy to enter into exploration activities in frontier basins with high hydrocarbon resource potential clearly reflects QP’s efforts to expand its portfolio globally.
In the last few months, QP announced plans to enter into exploration activities in frontier basins in Morocco, South Africa, Mozambique, Cyprus, Congo, Sultanate of Oman and Mexico among other places.
Qatar has worked diligently during the past few years to develop a future strategy in the oil and gas sector based on growth and expansion, both in its activities in Qatar and internationally.
When Qatar decided to quit Opec on January 1 this year, many sceptics said the country was lessening its focus on oil and bringing down the output in order to focus on natural gas production.
But, HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi clarified, “We are not saying we are going to get out of the oil business, but gas production would remain Qatar’s top priority.”
Already, the country is the biggest exporter of liquefied natural gas at 77mn tonnes a year.
QP is working on plans to develop and increase the country’s LNG output to over 110mn tonnes by 2024.
The new capacity increase will further strengthen Qatar’s leading position as the world’s largest LNG producer and exporter, and will further boost QP’s strategic growth plan. This additional production will have a great impact on Qatar’s economic growth and help stimulate the national economy.
Qatar has also announced plans to build the Middle East’s biggest ethane cracker, an industrial facility, which converts gas to by-products such as adhesives and ethylene for plastics.
QP is working with various government authorities and stakeholders to facilitate the provision of the required infrastructure and for the creation of appropriate policies, regulations and incentives to attract local and international companies to establish operations in Qatar.
It is also co-ordinating with other stakeholders to help facilitate the development of new industries in the energy sector in order to ensure they acquire the capacity for greater competitiveness and financial sustainability.
As part of this, QP last month launched Tawteen, which is designed to enhance the resilience of the energy sector’s supply chain.
It aims at creating around 100 new investment opportunities within the energy sector in order to retain economic value within Qatar, which in turn may add QR8bn of import substitutes annually and create more than 5,000 new white collar jobs.
Clearly, QP’s strategy is to remain focused on its core business and activities in Qatar and enhance the country’s international standing as the world’s leading natural gas producer by pitching in for viable and long-term projects.
At the same time, the country’s oil portfolio is also being developed as is seen from the joint venture projects announced in the last few months.
QP is looking nationally long-term growth and strategy for production, which can be sustainable for generations. Externally, it is working to add on to that capability to basically expand its horizon.
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