The change marks a new milestone in Qatar’s energy sector.
Qatar Petroleum has announced a new brand identity, changing its name to QatarEnergy as the company continues to expand projects in the energy sector,
The name, which reflects the company’s new vision, was unveiled by Qatar’s energy minister, president and CEO of the leading energy company, Saad Sherida Al-Kaabi in Doha on Monday.
This comes two decades after the Qatar-owned liquefied natural gas [LNG] supplier changed its name from Qatar General Petroleum Corporation [QGPC] to Qatar Petroleum in 2001.
The new identity matches the company’s aspirations to deliver cleaner energy to the world and reflect its role as an active global partner in energy transition.
“We are moving full steam ahead to develop the North Field by building state-of-the-art LNG trains that would take our leadership position further with a production capacity of 126 million tons per annum by 2027,” said Al-Kaabi, QatarEnergy’s CEO.
The official noted that the company is also aiming to protect the environment by limiting its carbon footprint.
“This is why we are utilising sophisticated carbon sequestration methods to capture and sequester 9 million tons of CO2 per annum by the end of this decade,” added Al-Kaabi.
The new logo represents two components of the company’s identity: the green molecules evoke renewable energy while the blue emblem represents LNG.
“Natural gas is our core business and we are conducting that in the most responsible way,” he said. “Natural gas is also part of the solution in the ongoing energy transition and that will be a requirement for sustaining the development of the world for at least a few decades.”
Currently, Qatar is moving towards becoming the largest LNG producer by 2030 through its $28.7 billion North Field Expansion project – the biggest such project in the world.
This is set to raise Qatar’s LNG production capacity from 77 million metric tonnes per year to 110 million metric tonnes per year by 2025.
Al-Kaabi also said in a press briefing, as quoted by Bloomberg, that it would be wrong to commit to eliminating planet warming emissions without a proper plan, noting some politicians are throwing out the desire to achieve net-zero.
“For me to just come out and say net-zero 2050 would be very sexy, ” he said, adding that it is “not the right thing”.
The energy minister also said an energy source that is cleaner than oil or coal remains crucial to global economies and that the gas crisis in Europe and several parts of Asia is caused by a lack of investment in fossil fuels.
“People are not investing in oil and gas and the customers will pay because there is not enough oil and gas to go around,” he said.
The press conference in Doha came ahead of the United Nations-sponsored COP26 climate talks scheduled to start in Glasgow, Scotland later this month.