(MENAFN- the peninsula) joel johnson |
the peninsula
doha: qatar's enhanced renewable energy sector is aiming towards fortifying its Economy the years ahead, a report by energy industries council (eic) stated.
although a reduction was witnessed in hydrocarbon revenues during the coronavirus-peak period, the oil and gas industry stood solid by playing a vital part in the country's economy.
the report said:“qatar maintains a robust emphasis on its oil and gas activities, which play a pivotal role in supporting the energy transition. this is primarily attributed to its substantial reserves of natural gas, widely acknowledged as an acceptable fuel for transitioning to cleaner energy sources.”
eic mentions that almost 80 percent of qatar's lng is directed toward the asian market, catering to in-creasing demand in the region.
recently, qatarenergy signed a few important deals with global asian energy firms such as bangladesh oil, gas and mineral corporation (petrobangla) and with china national petroleum corporation (cnpc).
the partnership with petrobangla is to deliver nearly 1.8 million tonnes per annum (mtpa) lng to bangla-desh for 15 years starting january 2026.
meanwhile, qatarenergy also signed two deals with cnpc including providing 4 million tons of lng per annum, and a pact on lng spa under which qatarenergy will transfer a 5 percent interest in the equivalent of one north field east lng expansion project (nfe) train to have a capacity of 8 million tons per annum.
qatar anticipates producing 5 gigawatts (gw) of solar power by 2035 and aims to strengthen its presence in the renewable energy sector, the report said
however, to reach this goal, qatarenergy has awarded engineering, procurement, and construction (epc) contracts for two
solar projects in ras laffan and
mesaieed.
faiz halim, eic analyst and author of the report commented that“qatar's energy sectors are poised for re-markable growth as the country harnesses its natural gas reserves and invests in sustainable solutions. this creates ample opportunities as well as a sense of certainty for supply chain companies looking to add value to qatar's energy sector.”
as the leading lng exporter in the world, qatar is optimistic about higher hydrocarbon production as global energy producers“vie” to make up for the lost supplies due to the russian-ukraine conflict, says the report.
the report underscores that qatar contributes significantly to the energy transition, which is supported by its abundant reserves of natural gas and has currently 18 projects in the oil and gas sectors, with a capital ex-penditure (capex) of qr219.19bn ($60.2bn), $60.2bn.
in the next four years, qatar expects to increase its lng production to a great extent by 49 million metric tonnes per annum, the report noted.
qatarenergy has inked pacts with several organisations worldwide to expand lng and construction facili-ties this year. eis underscored that the country's ambitious lng expansion plans maintain its position as one of the largest lng exporters in the world.
in the meantime, qatar looks forward to declining emissions from all sectors by 25 percent and qatarener-gy's sustainability strategy enables carbon intensity to decrease by 25 percent in upstream operations and by 35 percent in lng facilities by 2035.
the report further added that“the country is currently putting a lot of effort into developing the north field following the lifting of its moratorium on new gas export projects from the area. additionally, qatar has engaged in several long-term agreements with other nations, establishing sale and purchase ar-rangements (spa) for the provision of lng.”