Minister of State for Energy Affairs Highlights QatarEnergy's Responsibility of 40% of New LNG Coming to Market by 2029

Vancouver (Canada), July 12 (QNA) - HE Minister of State for Energy Affairs and President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said that 40 percent of all the new LNG that will come to the market by 2029 is going to be from QatarEnergy.
During a 'Leadership Dialogue' held as part of the 20th International Conference and Exhibition on Liquefied Natural Gas (LNG2023), which is currently taking place in Vancouver, Canada, His Excellency said that as the world grows, "gas will always be needed as the cleanest fossil fuel for the base-load required for electricity production and for powering industrial and manufacturing factories." His Excellency also gave an overview of QatarEnergy's efforts to deal with the energy trilemma of security of supply, affordability, and sustainability by providing the world with the cleaner energy it needs for a responsible energy transition. "We have to have a balance between what we need for humanity and how we can manage it properly, and if you look at what we are doing in Qatar, we are increasing production to 126 million tons per annum (MTPA) and we have another 16-18 MTPA out of the US coming online next year," he said, adding "we are doing it in the most responsible way as far as emissions are concerned with CO2 sequestration." Focusing on Qatar's role in this effort, His Excellency said that Qatar has the largest sequestration site in the MENA region today, noting "we are injecting more than 2 MTPA of sequestered CO2 today and we are going to go to 11 MTPA in a few years." "We are also using solar power to power some of our new LNG production," he said, indicating that Qatar's LNG carbon intensity is probably the lowest in the world, "which is why we are doing it in a very responsible fashion, and we are reducing emissions." In discussing energy transition, HE Minister of State for Energy Affairs and President and CEO of QatarEnergy called for a responsible dialogue and to be realistic about what we can achieve, adding that demonizing oil and gas has resulted in sizeable declines in investments in the sector. His Excellency said, "on average, there was a 25 percent reduction of investment over the past ten years from a normal investment cycle that we would expect. Today, the only reason we are not seeing this affecting the market tremendously is a globally warm winter in 2022-2023 and the filled storage in Europe, but that storage is not going to be replenished easily and investments are still not coming in as we think it should." "People talk about transition and the need to stop oil and gas and forget that we cannot be selfish by calling to cancel oil and gas when you have a billion people that are deprived of the basic electricity that we all enjoy every day, noted, pointing out that "by 2050, you are going to have north of 2 billion people coming on earth that need energy, and more people in the developing nations will need better standards of living, which means energy." HE Minister Al Kaabi also discussed Qatar's bold gas investments and said, "when we took our investments decision a few years back there were a lot of people doubting our move saying we do not need that kind of an investment and that kind of volume, and I think people realize now the need for oil and gas in general." The LNG Conference and Exhibition is held every three years alternating between exporting and importing countries. The State of Qatar, the LNG capital of the world, will host the next event in 2026, coinciding with the historic start-up of the North Field LNG expansion project and the commissioning of one of the largest Carbon Capture and Storage schemes in the world.
The four-day event is organized by the International Gas Union, the Gas Technology Institute, and the International Institute of Refrigeration, and is considered as the premier event for the world's LNG industry, featuring the largest number of high-level LNG industry leaders as plenary speakers. (QNA)