H E Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum, said yesterday that the State of Qatar is moving forward with implementing its mega-projects that will see its LNG production rise from 77 to 126 million tonnes per annum (mtpa) by 2027.
“This will not just enhance our ability and flexibility to meet additional global demand, but will also help the shift to less carbon-intensive energy in many parts of the world,” H E Al Kaabi said.
He added: “In parallel, the State of Qatar remains focused on achieving the highest environmental standards in its LNG industry to significantly reduce emissions by applying the best available industry technologies and CO2 sequestration.”
This came as H E Al Kaabi was addressing an event held by the Doha-based Gas Exporting Countries Forum (GECF) on the occasion of unveiling the GECF’s ‘Global Gas Outlook 2050’.
H E Al Kaabi also said that Qatar was looking forward to hosting the 6th GECF summit of heads of states in Doha in 2021.
The Minister of State for Energy Affairs said: “While fossil fuels will continue to dominate the global energy mix, natural gas will be the only form of hydrocarbons to increase its share during the next 30 years. Today, the share of natural gas in the global energy mix stands at about 22 percent. By 2050, this is expected to rise to 27 percent, according to the outlook, which is being launched today.”
His Excellency praised the launch of the Global Gas Outlook 2050, which sheds light on the expected road ahead during the next three decades and offers an important view of the challenges and opportunities we can expect along the way.
“There is no doubt that living in today’s world, one can easily feel the economic and geopolitical pressures that are impacting free trade, economic competitiveness, industrial activity, energy demand and price levels affecting most, if not all nations around the world.”
Concerns over a slowdown in world economic growth and a looming global recession are also challenges that have a significant impact on the prospects of energy demand and consumption, he added.
“And of course, addressing environmental concerns remains a key focus area for the energy industry, as global efforts continue to combat climate change and to reduce CO2 and other emissions.”
In this context, he said, many countries around the world have set environmental objectives that would help reduce emissions and limit the increase of global temperatures to below 2 Degrees Celsius.
“At the same time, these countries are also working very hard to enhance their competitiveness by transitioning into various sources of energy that would help achieve such environmental objectives without hindering their economic growth.
“This transition is fueled by the need to drive greater socio-economic development, help people improve their incomes, and support the performance of business and industries. And while seeking cleaner and more economical and sustainable alternatives, it is obvious that natural gas has a key role to play. It is versatile, flexible, economical and clean.”
“More and more countries are moving away from burning coal, and are building infrastructure for cleaner alternatives including natural gas,” he said.
“I am often asked about renewables and whether we see them as a threat to gas. The answer is no. We believe that natural gas and renewable are complementary. As the cleanest of fossil fuels, Natural gas comes handy when the sun is not shining or the wind is not blowing.
Energy from natural gas can be dispatched quickly in a cost-effective manner. I firmly believe that the combination of natural gas and renewables offers a reliable, flexible and cost-effective pathway to a lower-emissions energy system.”
According to the key findings of the 4th edition of the outlook report, the global natural gas demand is expected to increase by about 52 percent from 3,924 billion cubic meters (bcm) in 2018 to 5,966 bcm by 2050, with 1.3 percent CAAGR (compounded average annual growth rate) over the period.
And the gas production in GECF countries, including Qatar, will grow by almost 50 percent by 2050 to over 2.5 trillion cubic meters (tcm), underlining the continued importance of the group.
H E Minister Al Kaabi, and H E Dr. Yury Sentyurin, Secretary-General of the GECF highlighted important findings of the report in their respective speeches. Later, they also unveiled the hard copy of the ‘Global Gas Outlook 2050’ report during the event which was attended by dignitaries and industry experts and representatives from GECF member countries.
Dr. Yury Sentyurin, Secretary-General of the GECF, highlighted the importance of natural gas and its great potential as an energy source for sustainable development due to the efficiency, availability, and eco-friendly nature of the resource.