(MENAFN- Gulf Times) Natural gas, which is the cleanest fossil fuel, is one of the best solutions for the world as it grapples with emissions, said HE the former Deputy Prime Minister and Minister of Energy and Industry, Abdullah bin Hamad al-Attiyah.
He was speaking at a webinar hosted by the US- Qatar Business Council on 'LNG's Role in Global Energy Sustainability'.
Asked whether net –zero (emission reduction) targets are possible, al-Attiyah said,“It can never be achieved. When we talk about net-zero emissions, we should realise the fact that many countries will continue to see a lot of emissions. More than 1bn people around the world still do not have access to electricity. We should bear this in mind. The situation in developed countries, particularly in the west, is quite different from that in developing countries, particularly in Asia and Africa.”
On the prospects of a hydrogen economy, al- Attiyah, an energy industry veteran and former president of Opec said,“LNG or liquefied natural gas can be a source for hydrogen. The technology is available. But the issue is the costs involved in it. Governments around the world can no longer afford to subsidise energy.”
Al-Attiyah highlighted Qatar's commitment to provide the world with“cleaner energy” and said,“We currently produce 77mn tonnes per year (mtpy) of liquefied natural gas. We are the world's largest LNG producer. We are now stepping up production to 126mn tpy, for which works have already started.”
The former Deputy Prime Minister sees a greater role for natural gas for the foreseeable future.
“China and India are two large economies, who require substantial energy for their development needs. Even in our (GCC) region, we have huge shortage of gas.
“We now supply LNG to the UAE, and have already signed a supply agreement with Kuwait. Saudi Arabia too have a big shortage of gas.
“I believe when you take all these into consideration, natural gas, driven by modern technology, will increasingly become the first choice for the whole world. It is the cleanest among fossil fuels… many sectors such as power, industry and transportation will benefit from LNG development.”
Qatar, he said, is also a“big producer” of gas-to-liquids (GTL).
GTL products represent a pioneering innovation to increase the supply of highly-demanded liquid hydrocarbons. GTL products are virtually sulphur free and have practically no contaminants such as heavy metals or aromatics.
Al-Attiyah, also the chairman of the Abdullah Bin Hamad Al-Attiyah International Foundation for Energy and Sustainable Development, however, said the world needs mixed energy – solar, thermal, wind and hydro. All these resources are required to meet the world's increasing needs for energy.
He also touched upon Qatar's investment on a multi-billion dollar LNG project (Golden Pass) in the United States in partnership with the leading global energy company ExxonMobil. The project is fast nearing completion.
Qatar and the United States have shared a deep, long-lasting history and partnership in the oil and gas sector. This partnership, among others, has resulted in Qatar becoming the top LNG exporter in the world.
On Opec's role in the global energy scene, al-Attiyah said,“Opec's share in the market used to be more than 70%....now I believe the share has come down to less than 30%. So, today Opec is a minority producer.
“Oil price impacts all oil producers – those in the Opec and outside of it. That's why they have all come together (as Opec +) because they wanted to defend their industry…their resource. So they agreed for a big cut. They have agreed that it is the only solution to stabilise prices.”
The session was moderated by international broadcaster Stephen Cole.
The other panelists were Marianne Kah, Adjunct Senior Research Scholar and Advisory Board Member, Center on Global Energy Policy, Columbia University, Mohamed Barakat, managing director, US-Qatar Business Council and Dominic Genetti, president and general manager, ExxonMobil Qatar Limited.
Ends
MENAFN30082021000067011011ID1102707787
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.