QatarEnergy commits to playing key role in global energy transition

2021 had seen many milestones in the country’s energy industry including the transformation of Qatar Petroleum into QatarEnergy, which will continue to deliver cleaner energy that the world needs and play its role in finding better solutions in the ongoing energy transition.During the new logo and brand identity launch in Doha in October, HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi had said: “Becoming QatarEnergy reflects our understanding of the global changes and our response to the need to protect our planet and its environment. Not only will our LNG projects bring additional cleaner energy to customers across the globe, but we will continue our heightened commitment to our central role in the global energy transition.”Indeed, Qatar’s flagship energy company has had a historic evolution that saw Qatar Petroleum Company (QPC) getting transformed into Qatar General Petroleum Corporation (QGPC), then becoming Qatar Petroleum (QP), some 20 years ago, and QatarEnergy (QE) in October this year. Undoubtedly, natural gas is Qatar’s core business and the country is conducting that in the most professional and responsible way. Natural gas is also part of the solution in the ongoing energy transition and that it will be a requirement for sustaining the development of the world for at least a few decades. Therefore, QatarEnergy is moving full steam ahead to develop the North field by building state-of-the-art LNG trains that would take the country’s leadership position further with a production capacity of 126mn tonnes per year by 2027.The transformation also signals a new strategy that focuses on energy efficiency and environmentally-friendly technology such as capturing and storing carbon dioxide.QatarEnergy is utilising “sophisticated carbon sequestration methods” to capture and sequester 9mn tonnes of carbon dioxide a year by the end of the decade, HE al-Kaabi said at the event.“We are making sure that we protect our environment by keeping our carbon footprint at a minimum. This is why we are utilising sophisticated carbon sequestration methods,” al-Kaabi noted.To support its LNG expansion and as part of its historic shipbuilding programme to meet its future LNG carrier requirements, QatarEnergy last month placed the first batch of LNG shipbuilding orders with Korean shipyards consisting of four vessels from Daewoo Shipbuilding & Marine Engineering (DSME) and two vessels from Samsung Heavy Industries (SHI).QatarEnergy’s LNG carrier fleet programme is the largest of its kind in the LNG industry and is designed to meet the shipping requirements of QatarEnergy’s LNG expansion projects, as well as replacing part of Qatar's existing LNG fleet.The year also saw QatarEnergy announcing long-term LNG supply agreement with many global firms including China’s S&T International, Guangdong Energy Group and CNOOC and South Korea's Kogas, Taiwan's CPC, Pakistan State Oil Company and Vitol for its Bangladeshi customers. The year also saw a significant expansion of QatarEnergy business in many countries around the globe. QatarEnergy, in a consortium with TotalEnergies and Petronas was recently awarded the Sépia Surplus Production Sharing Contract (PSC), under the Second Transfer of Rights Surplus Bidding Round, by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP).Under the terms of the PSC and associated agreements, QatarEnergy will hold a 21% interest in the PSC, alongside operator Petrobras (30%), TotalEnergies (28%) and Petronas (21%).This month, QatarEnergy entered into agreements with Shell to acquire working interests in two offshore exploration blocks in the Egyptian side of the Red Sea.Under the terms of the agreements, which are subject to customary approvals by the government of Egypt, QatarEnergy will hold a 17% working interest in Red Sea Blocks 3 and 4.In April, Qatar had entered into an agreement with Shell to become a partner in two exploration blocks offshore, the Republic of Namibia.Under the terms of the agreement, which is subject to customary approvals, QatarEnergy will hold a 45% participating interest in the PEL 39 exploration licence pertaining to Block 2913A and Block 2914B, while Shell (the operator) will hold a 45% interest, and the National Petroleum Corporation of Namibia (NAMCOR) will hold the remaining 10% interest.Earlier this year, QatarEnergy had announced that it aims to create low carbon energy by growing renewable energy capacity, ie solar projects, by 2-4 gigawatts (GW) by 2030.In its last Sustainability Report, QatarEnergy highlighted its commitment to climate mitigation. The company said it is the main engine for growth and prosperity in Qatar, taking an active role in safeguarding its unique environment and contributing to preserving the planet thereby working alongside all players in the energy sector both in Qatar and internationally, to fast track decarbonisation of the sector to meet Paris Agreement goals.Since the launch of its environmental initiatives nearly a decade ago, QatarEnergy has achieved real momentum across its facilities and those of its affiliates to reduce their carbon footprint.