Despite the fluctuation of global oil prices due to Covid-19, Qatar has managed to maintain its position as a leading player in the global energy market, an official of the International Chamber of Commerce Qatar (ICC Qatar) has said.
Qatar was also able to demonstrate its commitment to strengthening its position by signing major agreements with countries, such as China, which is one of the largest consumers of oil in the world, said Sheikha Tamader al-Thani, director of International Relations and Chamber Affairs of ICC Qatar, in relation to a recently-held webinar.
The webinar, organised by ICC Qatar, in partnership with Refinitiv, was titled 'Resilient and Resurgent: Qatar Oil and Gas Overview' and discussed Qatar’s hydrocarbon industry, including topics like how the blockade altered its foreign trade dynamics, the emergence of alternative and cleaner sources of energy, and the impact of Covid-19 on the energy sector.
Speaking at the event were Hatem Elsafty, partner at Mazars; Howard Bevan, head of Energy at Al Attiyah Foundation; Sudharsan Sarathy, senior oil analyst at Refinitiv; Abhishek Kumar, senior oil analyst at Refinitiv, and Kristine Petrosyan, oil market analyst at International Energy Agency (IEA), who moderated the session.
Brevik presented an overview of Qatar liquefied natural gas (LNG) industry and touched on the recent sanctioning of Qatar Petroleum’s North Filed Expansion Phase 1.
“The timing seems good. Last winter’s spike in Asian LNG spot prices and expectations of a gradual tightening of the LNG market balance over the next few year should support the willingness of importers to sign up for LNG supply contracts,” Brevik said.
Elsafty discussed the effects of the blockade on the oil and gas industry, saying “Qatar’s response to the political turmoil, showed with no doubt, a leadership brilliance through their development of business continuity management systems and resilience programmes at its best at all levels of the country, especially its oil and gas sector, resulting in speedy recovery from a major blockade incident, ending up with Qatari economy becoming stronger, more efficient, and more effective.”
Bevan stressed that competition for gas from other generation fuels “will undoubtedly increase.”
“Qatar’s LNG has a good competitive position because of economies of scale. The change to hydrogen as a fuel is a possibility. Here, Qatar is also in a good position as methane is a source of hydrogen, which is readily available. Transportation using ammonia or methanol are technologies that are well understood and already implemented in Qatar,” he said.
Petrosyan said, “The webinar benefited from the diverse backgrounds of the participants, well-balanced between fundamental analysis and geopolitical discussion.”
Qatar was also able to demonstrate its commitment to strengthening its position by signing major agreements with countries, such as China, which is one of the largest consumers of oil in the world, said Sheikha Tamader al-Thani, director of International Relations and Chamber Affairs of ICC Qatar, in relation to a recently-held webinar.
The webinar, organised by ICC Qatar, in partnership with Refinitiv, was titled 'Resilient and Resurgent: Qatar Oil and Gas Overview' and discussed Qatar’s hydrocarbon industry, including topics like how the blockade altered its foreign trade dynamics, the emergence of alternative and cleaner sources of energy, and the impact of Covid-19 on the energy sector.
Speaking at the event were Hatem Elsafty, partner at Mazars; Howard Bevan, head of Energy at Al Attiyah Foundation; Sudharsan Sarathy, senior oil analyst at Refinitiv; Abhishek Kumar, senior oil analyst at Refinitiv, and Kristine Petrosyan, oil market analyst at International Energy Agency (IEA), who moderated the session.
Brevik presented an overview of Qatar liquefied natural gas (LNG) industry and touched on the recent sanctioning of Qatar Petroleum’s North Filed Expansion Phase 1.
“The timing seems good. Last winter’s spike in Asian LNG spot prices and expectations of a gradual tightening of the LNG market balance over the next few year should support the willingness of importers to sign up for LNG supply contracts,” Brevik said.
Elsafty discussed the effects of the blockade on the oil and gas industry, saying “Qatar’s response to the political turmoil, showed with no doubt, a leadership brilliance through their development of business continuity management systems and resilience programmes at its best at all levels of the country, especially its oil and gas sector, resulting in speedy recovery from a major blockade incident, ending up with Qatari economy becoming stronger, more efficient, and more effective.”
Bevan stressed that competition for gas from other generation fuels “will undoubtedly increase.”
“Qatar’s LNG has a good competitive position because of economies of scale. The change to hydrogen as a fuel is a possibility. Here, Qatar is also in a good position as methane is a source of hydrogen, which is readily available. Transportation using ammonia or methanol are technologies that are well understood and already implemented in Qatar,” he said.
Petrosyan said, “The webinar benefited from the diverse backgrounds of the participants, well-balanced between fundamental analysis and geopolitical discussion.”