Saad Sherida Al Kaabi, President & CEO of Qatar Petroleum.
DOHA: Qatar Petroleum (QP) announced yesterday that the its combined energy production will reach to 6.5 million barrels of oil equivalent (BOE) per day (mb/d) over the next 10 years from the current level of 4.8mb/d per day.
Saad Sherida Al Kaabi, President & CEO of the state-owned oil company, at a press conference said that QP is on an expansion spree, both in Qatar as well as overseas. In April 2017 QP unveiled its plans to increase natural gas production by 30 percent to 100 million tonnes of natural gas a year by 2024.
The new gas project in the southern sector of the North Field, once completed, will raise the production to help achieve the target, and Qatar will continue to remain as the world’s leading exporter of LNG.
He noted that Qatar’s current production of LNG is over 77 million tonnes per year. The expansion will increase output levels up to the equivalent of over six million barrels of oil per day.
Al Kaabi said that some contracts for the LNG expansion project, such as land and some design contracts, has already been awarded, and the remaining contracts are expected to come out over the period of 2019 and 2020. He said that as part of the expansion plan the gas project will have addition of 3 x 7.8mtpa mega-trains of LNG production with associated pre-investment to add a 4th LNG train in the future.
Replying to question on listing of some of its subsidiaries, he said that the IPOs for listing Qatalum (Qatar Aluminum) and some other downstream companies are to be announced by the end of this year. However, he also noted that these IPOs will be initially available only to Qatari nationals as part of Qatar’s long term strategy.
