ICC Qatar holds online event titled ‘Resilient and Resurgent: Qatar Oil and Gas Overview’

  • 7 months   ago
The International Chamber of Commerce Qatar (ICC Qatar), in partnership with Refinitiv, conducted an online event titled 'Resilient and Resurgent: Qatar Oil and Gas Overview'. The webinar comprised a panel discussion about Qatar's oil and gas industry, the emergence of alternative and cleaner sources of energy and the impact caused due to COVID-19 pandemic on the energy sector.
HE Director of International Relations and Chamber Affairs of ICC Qatar Sheikha Tamader Al-Thani said that, "despite the fluctuation of oil prices worldwide as a result of the COVID-19 pandemic, the State of Qatar has managed to maintain its position as a leading player in the global energy market, as well as demonstrate its commitment to strengthening its position by signing major agreements with countries such as China, one of the largest consumers of oil in the world".
Director and LNG Researcher at Refinitiv Anne Kat Brevik shared an overview of liquefied natural gas (LNG) in the country. Anne highlighted that the recent sanctioning of Qatar Petroleum's North Filed Expansion Phase 1. She emphasised that, "the timing seems good. Last winter's spike in Asian LNG spot prices and expectations of a gradual tightening of the LNG market balance over the next few year, should support the willingness of importers to sign up for LNG supply contracts".
Head of Energy at Al Attiyah Foundation Howard Bevan stated that "competition for gas from other generation fuels will undoubtably increase. Qatar LNG has a good competitive position because of economies of scale. The change to hydrogen as a fuel is a possibility. Here, Qatar is also in a good position as methane is a source of hydrogen which is readily available. Transportation using ammonia or methanol are technologies that are well understood and already implemented in Qatar".
Kristine Petrosyan, Oil Market Analyst at International Energy Agency (IEA), made a note on the particularly diverse discussion touching upon oil and LNG, the short-term and long-term enhancements in the energy industries as she concluded: “The webinar benefitted from the diverse backgrounds of the participants, well-balanced between fundamental analysis and geopolitical discussion.”