Qatar Petroleum President and CEO Saad Sherida Al Kaabi participated in the 27th World Gas Conference in Washington DC this week.
Speaking at the conference, the QP chief said that Qatar has lived up to its reputation as a reliable and trustworthy energy producer at all times and under all circumstances. Al Kaabi also said that the company is moving forward with its plans to increase Qatar’s LNG output by 30% – from 77 million to 100 million tonnes per year. He said that ‘this will be a major milestone towards securing future LNG supplies to meet rising global demand’.
Al Kaabi said the contracts for the expansion project will be awarded by the end of next year, while the 100 mtpa production target would be met by the end of 2023.
Al Kaabi made the remarks during a high profile session titled, ‘The Biggest Challenges and Opportunities Facing the Global Gas Industry’. The session was also participated by other oil and gas industry professionals.
In response to the ‘challenges’ facing the LNG industry, Al Kaabi said that ‘human beings need energy’. He said that gas should be seen as a destination fuel not just as a transition fuel. He stressed the need for serious action by some consuming countries for the establishment of receiving LNG terminals and highlighted the importance of additional effort to tackle infrastructure issues within consuming countries to enhance easier access to this environmentally friendly fuel.
LNG is a capital intensive industry that requires the ability to make investment decisions. It requires long-term financial commitment by consumer countries to secure long-term off take agreements and supplies.’
Al Kaabi also tackled the opportunities that lie ahead in the LNG industry, placing emphasis on the rising demand for LNG as the cleanest of hydrocarbon fuels. He said there is room for growth in which everyone can have a place. He later responded to questions from the session’s moderator Maria van der Hoeven, former Minister of Economic Affairs of the Kingdom of the Netherlands, on a number of issues related to the global gas industry.
For updates and more information about Qatar Petroleum and about the country’s oil and gas industry, visit qp.com.qa.