Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said “40% of all the new LNG that will come to the market by 2029, when all our projects are up and running, is going to be from QatarEnergy.”

Speaking during a “Leadership Dialogue” held as part of the 20th International Conference & Exhibition on Liquefied Natural Gas, which is currently taking place in Vancouver, Canada, His Excellency said that as the world grows, “gas will always be needed as the cleanest fossil fuel for the base-load required for electricity production and for powering industrial and manufacturing factories.”

Minister Al-Kaabi also gave an overview of QatarEnergy’s efforts to deal with the energy trilemma of security of supply, affordability, and sustainability by providing the world with the cleaner energy it needs for a responsible energy transition. “We have to have a balance between what we need for humanity and how we can manage it properly. And if you look at what we are doing in Qatar, we are increasing production to 126 million tons per annum (MTPA) and we have another 16-18 MTPA out of the US coming online next year. We are doing it in the most responsible way as far as emissions are concerned with CO2 sequestration,” he added.

Focusing on Qatar’s role in this effort, Minister Al-Kaabi said: “Qatar has the largest sequestration site in the MENA region. We are injecting more than 2 MTPA of sequestered CO2 and we are going to go to 11 MTPA in a few years. We are using solar power to power some of our new LNG production. Qatar’s LNG carbon intensity is probably the lowest in the world. So we are doing it in a very responsible fashion and we are reducing emissions.”

In discussing energy transition, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy called for a responsible dialogue and to be realistic about what we can achieve, adding that demonizing oil and gas has resulted in sizeable declines in investments in the sector. His Excellency said: “On average, there was a 25% reduction of investment over the past ten years from a normal investment cycle that we would expect. The only reason we are not seeing this affecting the market tremendously is a globally warm winter in 2022-2023 and the filled storage in Europe. But that storage is not going to be replenished easily and investments are still not coming in as we think it should.”