Al-Kaabi said the contracts for the production expansion project would be awarded by the end of next year, while the 100 mtpy production target would be met by the end of 2023. Al-Kaabi made the remarks during a high profile session entitled “The Biggest challenges and opportunities facing the global gas industry,” and with the participation of Bob Dudley, BP Group chief executive; Patrick Pouyanne, Total chairman and CEO; Ryan Lance, ConocoPhillips CEO, and Jens Okland, Statoil’s executive vice-president (Marketing, Midstream and Processing).
In addressing the challenges facing the LNG industry, al-Kaabi said, “Human beings need energy. Gas should be seen as a destination fuel not just as a transition fuel.” Al-Kaabi stressed the need for serious action by some consuming countries for the establishment of receiving LNG terminals. He also 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,” al-Kaabi said in his keynote address. “It requires long-term financial commitment by consumer countries to secure long-term offtake agreements and supplies,” he added.
Al-Kaabi also highlighted the opportunities that lay ahead in the LNG industry by “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. Al-Kaabi later responded to questions from the session’s moderator Maria van der Hoeven, former Minister of Economic Affairs of The Netherlands, on a number of issues related to the global gas industry. Al-Kaabi highlighted “Qatar Petroleum’s commitment to meeting future global demand for clean energy as a reliable and trustworthy energy producer.”
Qatar Petroleum, the world’s biggest seller of liquefied natural gas, is looking to get even larger, investing $20bn in America’s oil and gas fields. The investments will be made over five years, QP president and chief executive officer Saad Sherida al-Kaabi said in an interview with Bloomberg News in Washington. Some of that will likely go toward lining up gas supplies for the Golden Pass LNG export project in Texas, being developed with Exxon Mobil Corp. Al-Kaabi said Qatar will probably be announcing a deal in the US “before the end of the year.”
Sources and Photo-credits: Gulf Times