QP Targets to Increase Production Capability to 6.5 Million Barrels of Oil Equivalent per Day in 8 Years

London, October 09 (QNA) - President and CEO of Qatar Petroleum Eng. Saad bin Sherida Al Kaabi said that Qatar Petroleum is developing its capabilities in many parts of the world with a target of increasing production capability from 4.8 to 6.5 million barrels of oil equivalent per day in 8 years. Al Kaabi made the remarks during a keynote speech at the opening of the Oil and Money Conference, which is being held in London under the theme "The New Energy Map". He said that Qatar Petroleum is highly competitive, very reliable, and is ready for the future. He also said that Qatar Petroleum is investing in safety, efficiency, reliability, technology, preserving the environment, and most importantly, our human capital. Eng. Al Kaabi highlighted Qatars role in helping meet the growing global demand for energy and said, "We in Qatar take special pride in our global reputation as a trustworthy and reliable energy producer. In this respect, I am proud to say that Qatar has lived up to its international reputation as a reliable and trustworthy energy producer at all times and under all circumstances. We safely and reliably delivered more than 12,500 LNG cargos in 22 years without missing a single cargo". He added that QP is continuing its legacy and growth by recently announcing the decision to increase Qatars LNG production capacity to 110 MTA by 2024, representing an increase of about 43% from the current production capacity of 77 MTA. He noted that the new expansion project will give the extended ability and flexibility to meet additional global demand while further boosting Qatar Petroleum's strategic growth plans. Al Kaabi also gave an overview of the recent developments in the global gas industry and the changing attitude towards gas as the cleanest of all fossil fuels. He said, "Many countries around the world are beginning to reject the economic and environmental cost of total and absolute reliance on oil. The combined change effect of both financial burdens and environmental awareness is helping re-shape the energy landscape towards less oil, and more of cleaner sources of energy and renewables". He also reviewed the changing energy landscapes stressing that "In the midst of all these changing landscapes, natural gas remains as the one great middle ground that has both the economic and environmental benefits". The first day of the event was devoted completely to gas, the changing position of gas in corporate portfolios, long-term threats to gas demand in power generation, and what it all means for the world's largest gas producers. On the sidelines of the conference, Al Kaabi held talks in London with global industry leaders on a host of issues related to the gas industry and bilateral cooperation. The meetings included talks with Board Chairmen and Chief Executives of the companies taking part in the conference. The 39th annual Oil and Money Conference is co-hosted by The New York Times and Energy Intelligence and is attended by senior executives, policy makers, financiers, strategists and experts from the international oil and gas industry. The conference has earned a reputation as a forum for frank discussion and stimulating debate on the key issues facing the global petroleum sector. With a program of speakers and panellists including chief executives and government ministers from the worlds leading oil companies and oil producers, Oil and Money offers high-level networking opportunities with international business leaders and opinion makers. (QNA)