H.E. Minister of State for Energy affairs Eng. Saad Sherida Al Kaabi the Managing Director and CEO of Qatar Petroleum, said that gas is the future of the energy industry, noting that many countries are currently abandoning coal and moving to use natural gas.
H.E. Eng. Al Kaabi added, during his participation in the session held today within the activities of the first day of the Doha Forum 2019, on the future of LNG in meeting the global demand for energy, that this transformation comes for several reasons, foremost of which is climate change and the concerns of carbon dioxide emissions.
He stated that Qatar produces 77 million tons a year, pointing out that this production is amount to increase to 110 million tons by 2024 to reach 127 million tons in 2027.
Eng. Al Kaabi said that there is a high level of demand that comes from emerging markets such as East Asian countries, noting that Qatar Petroleum has future plans to meet these demands. He stated that the declared data on China's transformation from using gas to coal shows that this transformation is considered slow, adding that China is one of the major LNG importers.
Regarding the geopolitical pressure and the blockade on Qatar, His Excellency replied that he did not like to talk about this issue because it is something that the State of Qatar had overcome a long time ago. Following the announcement of the blockade, Qatar Petroleum and its subsidiaries were able to overcome the negative effects of the blockade within 5 to 10 days through a set of measures to change the way it carried out its activities in line with the new situation, he said.
He continued in this regard by saying, "Qatar Petroleum does not mix politics with economics and business, so Qatar still provides 40 percent of the UAE's energy needs."
Eng. Al Kaabi said that Europe is considered one of the targeted markets for Qatar. While the continent's gas needs increase it works to provide it, whether through comprehensive or partial supply.
He also expressed hope for ending the trade war, especially after the recent news about an agreement between the US and China, adding that in the long run, the liberalization of trade exchanges is required, especially if it comes to a commodity such as natural gas, which affects economic growth.
With regard to the risks of exploration in light of the low prices, he said that despite the risks that exploration operations involve, exploration contains great opportunities and allows Qatar Petroleum to expand globally.
He continued: "Exploration is expensive and involves high risk in light of success rates of 10 to 15 percent, but Qatar Petroleum is working with many active partners in the field of exploration in many countries".
He stated that Qatar Petroleum is part of a project in the US to produce large quantities of natural gas, which gives it a flexibility that does not exist for many similar companies.
Image Source: Qatar Petroleum Facebook
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