HE Eng. Saad bin Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of Qatar Energy, said that 40 percent of the total new LNG quantities that will reach the market by 2029 will be from Qatar Energy.
This came in his statements during the “Leaders’ Dialogue” session that took place during the 20th International Conference on Liquefied Natural Gas (LNG2023) and the accompanying exhibition, which is currently being held in Vancouver, Canada, during which he stressed that with the growth of the world, “there will be a permanent need for natural gas as a fuel.” The cleanest fossil fuel to deal with the energy load required to produce electricity and to operate factories and industries.
His Excellency gave an overview of Qatar Energy’s efforts to deal with the triple energy crisis of security of supply, affordability, and sustainability by providing the world with the cleaner energy it needs for a responsible transition to low-carbon energy, adding that “there must be a balance between what we need for humanity.” And how to manage it properly.If we look at what we are doing in Qatar, we are working to raise production to 126 million tons annually, and we have between 16 and 18 million more coming from our project in the United States next year.We are doing it in the most responsible way in terms of emissions and sequestration of carbon dioxide.
Regarding Qatar’s role in these efforts, His Excellency said: “Qatar today has the largest carbon dioxide sequestration site in the Middle East and North Africa region. We inject more than two million tons of carbon dioxide annually, which will rise to 11 million tons in a few years. We are “We use solar energy to power LNG production plants. The carbon intensity of LNG in Qatar is probably the lowest in the world. So we are doing it in a very responsible way and working to reduce emissions.”
His Excellency the Minister of State for Energy Affairs, the Managing Director and CEO of Qatar Energy, called for a responsible dialogue about the transition to low-carbon energy and for us to be realistic about what we can achieve, adding that the “demonization” of oil and gas has led to a significant decline in investments in the sector. His Excellency said, “There has been a 25 percent decline in investments over the past ten years from the normal investment cycle that we would expect. The only reason we don’t see this impacting the market significantly today is the warm winter around the world and the filling of storage capacities in Europe. But what It is used from these stocks that will not be easily replenished, and investments are still falling behind what the market needs.”
His Excellency added: “People talk about the transition to low-carbon energy and the need to stop oil and gas, and they forget that we cannot be selfish by demanding the abolition of oil and gas when there are a billion people deprived of the basic electricity that we all enjoy every day. And by 2050 there will be Nearly two billion new people need energy, and more people in developing countries will need better living standards, which means more energy.”
Regarding the bold gas investments made by Qatar, His Excellency Minister Al-Kaabi said: “When we made the investment decision a few years ago, many people questioned our decision, saying that we do not need this kind of investment and this kind of volume of production. I think people now realize that we need to oil and gas in general.
It is noteworthy that the International Conference and Exhibition for LNG is held every three years, alternating between exporting and importing countries. The twenty-first edition of the conference will be organized in 2026, which will be hosted by the State of Qatar, the world capital of liquefied natural gas. This major event will coincide with the historic start-up of the first lines of the North Field Expansion Project, and with the operation of one of the largest carbon capture and storage projects in the world.
The International Conference and Exhibition for LNG, which lasts for four days, is organized by the International Gas Union, the Institute of Gas Technology, and the International Institute of Refrigeration. It is considered the main event for the LNG industry in the world, as it is held with the participation of speakers from the largest number of senior industry leaders. liquefied natural gas.
