Minister of State for Energy Affairs, the President & CEO of QatarEnergy H E Eng. Saad Sherida Al Kaabi
Minister of State for Energy Affairs, the President & CEO of QatarEnergy H E Eng. Saad Sherida Al Kaabi said yesterday more investments in oil and gas sector are needed. QatarEnergy, the world’s leading LNG producer will increase its production of 77 million tonnes per annum (mtpa) to 110 mtpa by 2026 which will help the requirement of gas.
“We need to invest more in the oil and gas sector. In Qatar, we started in 2017 to embark on largest LNG expansion in the world and we are going to increase our production from 77 million tonnes per annum (mtpa) to 110 mtpa by 2026 which will help greatly the requirement of gas around the world,” said Minister Al Kaabi, during a panel discussion titled ‘Ensuring Energy for All’ held yesterday under the second annual Qatar Economic Forum, Powered by Bloomberg. The panel discussed how to ensure equitable access to the world’s energy supplies at the 2022 Qatar Economic Forum.
Minister Al Kaabi added: “We have been sequestering gas in Qatar, people are talking about CO2 sequestration as a very important element of expanding business in the energy sector while preserving the environment. In 2015, we started injecting in 2.5 million tonnes per annum of CO2 in Qatar and it is going on for the last seven years and going forward, we are going to be also injecting up to 11 million tonnes of CO2 sequestration.”
He further noted: “We are going to be using solar to power some of the LNG. So, you can do the same requirement of energy transition responsibly but being realistic and practical about what needs to be done”.
Speaking about the use of coal, the Minister said: “Today as we speak is the highest utilisation of coal ever and 30 percent of the power used by coal around the world is powering different plants. We need to get rid of coal and we need to be more responsible in what we do in developing oil and gas as an industry”.
Addressing the panel discussion, ExxonMobil Chairman & CEO Darren Woods said: “We need to strike the balance between not only the development of oil and gas and the role that it plays and advancing prosperity and powering economies, while at the same time making investments in the things which are going to reduce emissions, carbon capturing storage which are going to play critical role as we get advanced in our ambitions to lower emissions, hydrogen and biofuels.
“Thoughtful conversations about investments across the whole portfolio of solutions set is needed to provide affordable and reliable energy while reducing emissions is the path forward,” he added.
Deputy Chairman & CEO at Kuwait Petroleum Corporation H E Shaikh Nawaf Saud Al Sabah said: “We are in commissioning stages of a refinery in Kuwait which will be the largest refinery in the world – 650,000 barrels of oil a day capacity, that should be on line by end of the year and that will supply the product in terms of Europe and other places”.
