Page 9 - MEOG Week 41 2021

MEOG PROJECTS & COMPANIES MEOG

QP changes name in nod to energy transition

QATAR STATE-OWNED Qatar Petroleum (QP) has (NFE) project, which will increase LNG capacity
this week announced that it is in the process of to 110mn tpy by 2025/26 and 126mn tpy by 2027.
rebranding as QatarEnergy in a nod to a strategic NFE is the world’s single largest LNG project.
shift to focus on more environmentally friendly QP took a final investment decision (FID) on
operations. NFE alone earlier this year, having previously
In reality, as the company strives to expand relied on IOCs’ expertise – as well as their invest-
gas production and LNG exports, the relevance ments – to develop its initial liquefaction capac-
of ‘petroleum’ will continue to diminish with oil ity, but now has the expertise to go it alone.
production running at around 590,000-600,000 Al-Kaabi added: “Not only that, but also we
barrels per day (bpd), paling in comparison to are making sure that we protect our environment
neighbours Saudi Arabia and the UAE as well as by keeping our carbon footprint at a minimum.
the company’s own gas output which feeds a liq- This is why we are utilising sophisticated carbon
uefaction capacity of 79mn tonnes per year (tpy). sequestration methods to capture and sequester
HE Saad Sherida Al-Kaabi, Qatar’s Minister 9mn tonnes of carbon dioxide [CO2] a year by
of State for Energy Affairs and QP’s president and the end of the decade.”
CEO, alluded to this during the unveiling of the “Becoming QatarEnergy reflects our under-
new brand and logo. “It’s more of a reflection of standing of the global changes and our response
what we’re actually doing that wasn’t reflected by to the need to protect our planet and its envi-
the name that we had,” he said. ronment. Not only will our LNG projects bring
The minister explained: “QatarEnergy will additional cleaner energy to customers across
continue to deliver the cleaner energy that the the globe, but we will continue our heightened
world needs and to play its role as an active part- commitment to our central role in the global
ner in [the] search for better solutions in the energy transition,” he said.
ongoing energy transition.” Al-Kaabi also said this week that a return to
He noted that the company was “moving OPEC would not fit with the country’s strategy,
full steam ahead” to develop the potential of the as Doha seeks to determine a different path from
North Field through the North Field Expansion those of its neighbours.™

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Q Qatar Crude Oil Production Capacity
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Al-Shaheen Al-Shaheen 300,000
Qatar Land Dukhan - Khatiyah, Fahahil, Jaleha/Diyab 335,000
Qatar Marine Bul Hanine, Maydan Mahzam, ISND, ISSD, Al-Khalij, Al Karkara 245,000
Al-Rayyan Al-Rayyan 10,000
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T Total l 8 890,000
Week 41 13•October•2021 www. NEWSBASE .com P9