Minister of State for Energy Affairs and President/CEO of Qatar Petroleum, HE Saad Sherida Al Kaabi, highlighted Qatar’s commitment to global security of energy supplies and sustainability of economic growth, while tackling global environmental challenges at the same time.
His remarks came during a keynote speech at the opening of the 40th Oil & Money Conference, held in London under the theme ‘Strategies for the Energy Transition’.
With respect to Greenhouse Gas emissions, we are investing hundreds of millions of dollars in our North Field LNG Expansion Project to apply technologies that will result in 25% reduction in Greenhouse Gas emissions compared to similar facilities through substantial reduction of fuel gas consumption and capturing and re-injecting CO2 extracted from the feed gas.
More recently, we have successfully commissioned a facility at Ras Laffan to become the largest CO2 recovery and sequestration facility in the MENA region with a capacity of 2.1 million tonnes per annum of CO2. With such new Carbon Capture and Storage projects, Qatar’s LNG industry will be capturing and sequestering more than 5 million tonnes of CO2 per annum by 2025.’
Al Kaabi highlighted the environmental challenges that the world face today, including mean temperatures, seasonal cycles and extreme events. He said that we need to reach the right balance of reliable and secure sources of energy, which will maintain growth needs and at the same time alleviate environmental concerns.
The minister also highlighted some of Qatar’s most strategic projects and investments as part of its efforts to address climate change concerns, including the establishment of Siraj Energy, a new company which is building the first IPP solar power plant in Qatar, which will produce approximately 700 to 800 megawatts of power by 2021. Other investments include significant steps already taken towards the implementation of a long-term climate and environmental sustainability strategy for Qatar’s LNG industry.
In his speech, Al Kaabi also discussed the role of LNG in energy transition as the cleanest of fossil fuels.
We believe that natural gas is the destination fuel in that energy transition. It is versatile. It is flexible. It is economic. It is clean. We are working with more countries across the globe to ensure the security of their energy supplies and the sustainability of their economic growth. At the same time, we are also dedicating greater efforts to produce the industry’s most environmentally sustainable LNG.’
The 40th annual Oil & Money Conference is co-hosted by The New York Times and Energy Intelligence, and participated by senior executives, policymakers, financiers, strategists and experts from the international oil and gas industry. It has earned a reputation as a forum for frank discussion and stimulating debate on the key issues facing the global petroleum sector.