Qatar’s Energy Minister, Saad bin Sherida Al-Kaabi, who is also the CEO of Qatar Energy, announced during the 20th International Conference for Liquefied Natural Gas (LNG) in Canada, that 40% of the total new LNG quantities reaching the global markets by 2029 will be supplied by Qatar Energy.
Al-Kaabi pointed out that as the world grows, there will be a continuous demand for natural gas as a cleaner fossil fuel for running factories and generating electricity. Qatar Energy is aiming to increase its production to 126 million tons annually, in addition to its project in the United States which will supply the world with between 16 to 18 million tons annually.
This comes as part of Qatar Energy’s efforts to tackle the tripartite energy crisis involving supply security, affordability, and sustainability. Al-Kaabi emphasized the importance of properly managing natural reserves to sustainably and adequately meet human needs.
The Qatari State Minister for Energy Affairs indicated that Qatar possesses the largest carbon dioxide sequestration site in the Middle East and North Africa region, injecting over two million tons of carbon dioxide annually. This figure is set to increase to 11 million tons within a few years. He highlighted that carbon emissions from Qatar’s LNG are the lowest in the world.
Al-Kaabi called for a responsible dialogue about transitioning to low-carbon energy, stating that the “demonization” of oil and gas has led to a significant decline in investments in the sector. He clarified that there has been a 25% decrease in investments over the past decade, which requires responsible dialogue about low-carbon energy and how to transition towards it. He added that the market has not significantly been impacted by this inevitable decrease, but reserves cannot be easily replenished and investments in the sector are still falling short of market needs.
The Minister shared his opinion on the discourse about transitioning to low-carbon energy and the necessity to cease oil and gas, stating that we cannot be selfish and demand the abolition of oil and gas while a billion people lack basic electricity. By 2050, there will be two billion new people needing energy, and developing countries will need more energy to improve their living standards.
Al-Kaabi added that Qatar Energy has signed an agreement with China National Petroleum Corporation to supply it with LNG for 27 years. This is the second long-term agreement with China in less than a year.
The company also signed another share sale and purchase agreement, thereby making the Chinese company a partner in the North Field East expansion project, one of the largest natural gas fields globally.
