Qatar’s major domestic gas development projects will help lay the foundations for the country’s economic expansion by generating the power needed for extensive infrastructural works, according to Alex Dodds, the President and General Manager of ExxonMobil Qatar Inc. Dodds was speaking to Oxford Business Group (OBG) as part of the research for The Report: Qatar 2011, the global publishing, research and consultancy firm’s forthcoming guide on the country’s economic activity and investment opportunities.
Dodds said that the ventures would provide the resources needed to meet the domestic and industrial energy supplies, allowing Qatar to move ahead with plans to diversify its economy in line with its long-term development plan, the Qatar National Vision 2030.
With the completion of the Al Khaleej Gas Venture (AKG), the focus is on the Barzan project, which marks the next phase of Qatar’s gas development. The venture is a joint initiative between ExxonMobil Qatar and Qatar Petroleum (QP) with the first gas flow planned for 2014. It will be operated by RasGas.
“The Barzan project is a critical component of Qatar’s strategy because it will provide the remaining energy needed to propel the country towards sustainable development,” Dodds said . “Without an energy source to help develop and power the economy and provide the electricity needed to build the infrastructure, none of that can happen.”
Aside from its investment in domestic gas projects, ExxonMobil has also participated in 12 of Qatar’s 14 LNG trains since launching its operations in Qatar in the early 1990s. “Our focus now is towards reliable LNG operations,” he said. “We view this strategy as important because of Qatar’s role as a key supplier of energy to the world.”
He said Qatar’s long-term plans to drive forward its expansion in the worldwide LNG market were in line with global trends which indicated that natural gas would overtake coal as the primary power source.
“LNG is viewed as a critical component of the global energy mix and natural gas is the hydrocarbon fuel of choice from an emissions perspective,” he said. “While we expect to see overall growth in energy demand up almost 35% between 2005 and 2030, demand for natural gas looks likely to grow by 60%.”
He is confident that the strategic positioning of ExxonMobil’s three LNG receiving terminal projects in Wales, Northern Italy and the US will bolster Qatar’s plans to up its delivery of LNG worldwide.
“The LNG receiving terminals are strategic assets for the delivery of Qatari LNG into key markets,” he said. “This energy value chain is helping to establish Qatar as global supplier of clean-burning energy.”
The Report: Qatar 2011 will include a detailed, sector-by-sector guide for foreign investors, together with a wide range of interviews with the most prominent political, economic and business leaders, including the Emir HH Sheikh Hamad bin Khalifa Al Thani. The Consort to the Emir HH Sheikha Mozah bint Nasser, the Minister of Energy and Industry HE Mohammed Saleh Al Sada, the Minister of Economy and Finance HE Yousef Hussein Kamal and the Governor of Qatar Central Bank HE Sheikh Abdullah bin Saud Al Thani will also give their views on Qatar’s economic development.
The Report: Qatar 2011 will mark the culmination of more than six months of on-the-ground research by a team of analysts from OBG. It will provide information on opportunities for foreign direct investment into Qatar’s economy and will be a guide to the many facets of the country, including its macroeconomics, infrastructure, banking and sectoral developments. The Report: Qatar 2011 will be available in print form or online.
[mappress] Source:AMEInfo , July 11, 2011;