His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, highlighted Qatar’s commitment to the world’s security of energy supplies and the sustainability of economic growth, while at the same time tackling global environmental challenges.
His Excellency’s 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.’
Minister Al-Kaabi told the conference: “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 a 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 tons 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 tons of CO2 per annum by 2025.” the Minister of State for Energy Affairs announced.
His Excellency Mr. Al-Kaabi highlighted the environmental challenges facing today’s world, including mean temperatures, seasonal cycles and extreme events. He said, “We need to reach the right balance of reliable and secure sources of energy, which maintains our growth needs while at the same time alleviates our environmental concerns.”
Minister Al-Kaabi also highlighted some of Qatar’s most strategic projects and investments as part of its efforts in addressing climate change concerns, including establishing Siraj Energy, a new company which is building the first IPP solar power plant in Qatar producing about 700-800 megawatts of power by 2021. Other investments include the significant steps already taken towards the implementation of a long-term climate and environmental sustainability strategy for Qatar’s LNG industry.
In his speech, His Excellency Mr. Al-Kaabi also discussed the role of LNG in energy transition as the cleanest of fossil fuels and said: “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 is attended by senior executives, policy makers, 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.