(MENAFN- The Peninsula) Qatar is aiming to capture and sequester more than 7 million tonnes per annum (mtpa) of CO2 (Carbon Dioxide) by 2027, said
H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs and the President and CEO of Qatar Petroleum, speaking during a session at The Doha Forum 2019. 'We have started this year two and a half million tones of CO2 sequestration in addition to that with expansion mentioned earlier, by 2024 we will reach 5 million tonnes and we are going to reach about 7 million tonnes by 2027, said H E Saad Sherida Al Kaabi.
H E the Minister discussed dynamics of the global LNG market during a session titled ‘The Future of LNG in Meeting the World's Energy Demand'. Patrick Pouyanné, Chairman and CEO, Total and Claudio Descalzi, CEO, Eni also shared their view on the future of LNG.
H E the Minister in October this year had announced that Qatar had successfully commissioned a facility at Ras Laffan making it the largest CO2 recovery and sequestration facility in the MENA region with a capacity of 2.1 million tons per annum of CO2.
Addressing the gathering at The Doha Forum, H E the Minister said that natural gas is the destination fuel in that energy transition. There are many countries that are currently moving away from the use of coal and are instead using natural gas.
The current production of Qatar is 77 million tonnes per annum and the production will increase to 110 million tonnes by 2024 to 126 million tonnes by 2027.
H E the Minister said that there is high demand of LNG from emerging markets such as East Asia and developing countries and Qatar Petroleum has future plans to meet these needs.
With regard to the risks of exploration in light of the low prices, H E the Minister said that, despite the percentage of risks that exploration operations involve, exploration contains opportunities and allows Qatar Petroleum to expand globally.
H E the Minister said that exploration is expensive and includes a risk in light of success rates of 10 to 15 percent, but Qatar Petroleum is working with many active partners in the field of exploration in many countries.
H E the Minister stated that Qatar Petroleum is participating in a natural gas project in the United States, which gives it flexibility that does not exist in many similar companies.
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