40% of new LNG coming to market by 2029 will be from QatarEnergy, CEO says
(WO) – His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said “40% of all the new LNG that will come to the market by 2029, when all our projects are up and running, is going to be from QatarEnergy.”
Speaking during a “Leadership Dialogue” held as part of the 20th International Conference & Exhibition on Liquefied Natural Gas, 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 Minister Al-Kaabi 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 U.S. coming online next year. We are doing it in the most responsible way as far as emissions are concerned with CO2 sequestration,” H.E. added.
Focusing on Qatar’s role in this effort, Minister Al-Kaabi said, “Qatar has the largest sequestration site in the MENA region today. 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 using solar power to power some of our new LNG production. Qatar’s LNG carbon intensity is probably the lowest in the world.”
In discussing energy transition, His Excellency the Minister of State for Energy Affairs, the 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% 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.”
His Excellency added, “People talk about transition and the need to stop oil and gas and forget that we can’t 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. And by 2050, you’re 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.”
H.E. 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 don’t not need that kind of an investment and that kind of volume. And I think people realize now the need for the 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.