Natural gas is the destination fuel, which will hold a prominent position in the current and future energy mix, said HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of Qatar Petroleum.
Stressing the importance of natural gas, during a panel discussion entitled 'The future of LNG in meeting the world's energy demand' part of the Doha Forum 2019, the minister said, “The current energy transition is mostly driven by the need for cleaner and more economic and sustainable alternatives. Natural gas is key in this transition because of its qualities as the cleanest of fossil fuels.”
The panel saw the participation of Patrick Pouyanné, chairman and CEO, Total, and Claudio Descalzi, CEO, Eni.
Al-Kaabi said, “Many countries are moving away from coal and building infrastructure for the use of gas. When we consider the efforts to combat climate change and the ongoing concerns over CO2 and other gas emissions, it is clear that gas is the future.”
Al-Kaabi discussed various issues related to the global gas industry and stressed Qatar’s unique place as a well-established and reliable energy provider.
“We do not see ourselves in competition with anybody. We focus on what we control, which is cost. We want to be safe, efficient and reliable,” he said.
The minister highlighted Qatar’s strategy to serve the requirements of gas importers, and its plans on how to do that including the recent announcement to raise the country’s LNG production capacity to 126mn tonnes per year (tpy) by 2027.
“We see exploration as the springboard of our international expansion. We are working with good partners and are willing to take the risks associated with this business. Our efforts have paid off in a number of our investments, and more is coming very soon. We are no longer a national oil company but rather an international one.”
Addressing environmental concern, al-Kaabi called upon the oil and gas industry to take more responsibility towards carbon capture and storage, as well as in its overall attitude towards the environment.
Noting a series of Qatari environmental initiatives, the minister drew attention to the largest CO2 recovery and sequestration facility currently in operation in the MENA region in Qatar saying, “We have recently announced 2.5mn tons of CO2 sequestration to reach 5mn tons by 2024, and hopefully to 7mn by 2027.”
The Doha Forum, established in 2000, is a global platform for dialogue on critical challenges facing our world and bringing together leaders in policy to build innovative and action driven networks.
Qatar Petroleum is an institutional partner of the Doha Forum.