HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi said Qatar potentially will run out of gas for supplies from the North Field expansion by the year-end, because of \u201cvery big demand\u201d for long-term contracts.
\n\u201cWe have signed a large contract with China. We have other deals that we are working on. With so many deals lining up, we will potentially run out of gas from the North Field \u2013 both North Field East and North Field South. There is very big demand. Additional gas from the North Field will be available by 2026; all contracts have been awarded,\u201d al-Kaabi said at a ministerial session at the Qatar Economic Forum Powered by Bloomberg in Doha Tuesday.
\nThe expansion project will increase Qatar’s liquefied natural gas (LNG) production capacity from 77mn tonnes per year (MTPY) to 126 MTPY, through the North Field East (NFE) and North Field South (NFS) expansion projects, with first LNG expected by 2026.
\nQatar will add 65mn tonnes per year of LNG to meet the growing needs of the world from its North Field expansion and its project in the United States, al-Kaabi said.
\n\u201cWe don\u2019t follow what others say we should do…we do what is technically possible with our fields. When it\u2019s the right time and technically we can do it, we\u2019ll definitely do more,\u201d the minister said.
\nTalking about the gas supply and demand situation in future, al-Kaabi said, \u201cThere is going to be a shortage in oil and gas in future, predominantly due to the push on (energy) transition. It is really aggressive without studying it. If you look at economic and environment stability, these are not mutually exclusive… we have to have both.
\n\u201cAnd if you push some countries into doing that, that doesn\u2019t help humanity in general. The only thing that saved humanity and Europe this year was a warm winter and the slowdown in the economy worldwide. If the economy comes back in 2024, the worst is yet to come,\u201d said al-Kaabi.
\n\u201cIf you look at future, whether it is oil or gas, because of decade-long lack of investments, due to the push to transition of energy, there is going to be shortage for both.\u201d
\nAl-Kaabi emphasised the need to have a \u201cmix\u201d of all energy resources and said, \u201cYou need a mix of all energy sources and people need to realise that you need oil, gas and renewables. People talk about renewables as if it\u2019s a fix-all.
\n\u201cIf you look at renewables you can generate electricity from wind and solar, but you can\u2019t make plastics or any sort of such products. So by saying renewables generate electricity does not solve the problem, you need a proper energy mix. And it can\u2019t be driven by politics and politicians wanting to get in the seat to say this is the solution. It\u2019s a nice pitch to say energy transition, but when you dig down and look at the reality, it\u2019s not achievable.\u201d
\nAl-Kaabi said he was “thrilled” that the G7 final communique spoke about the need for more LNG for the world and warned the world would face a shortage of oil and gas due to a lack of investment.
\n“I am thrilled that finally the G7 in their final communique said they need more LNG to be supplied to the world. We’ve been saying this for the last 10 years,\u201d al-Kaabi noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
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