Qatar Petroleum has changed its name to Qatar Energy to reflect a new focus on energy efficiency and environmentally friendly technologies such as carbon capture and storage, according to its CEO.
“It is more of a reflection of what we are actually doing that was not reflected by the name that we had,” CEO Saad Al-Kaabi said on Monday.
Natural gas, he added, will be an important element of the energy transition for at least a few decades.
“We are moving full steam ahead to develop the North Field by building state-of-the-art liquefied natural gas (LNG) trains that would take our leadership position further with a production capacity of 126 million tons per annum by 2027,” said Al-Kaabi.
The firm also wants to safeguard the environment by reducing its carbon impact, according to the official.
“This is why we are utilizing sophisticated carbon sequestration methods to capture and sequester 9 million tons of CO2 per annum by the end of this decade,” Al-Kaabi added.
The green molecules imply renewable energy, while the blue insignia signifies 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.”
Qatar is the world’s largest exporter of LNG, with plans to increase output from 77 million tonnes per year to 127 million tonnes by 2027.
Al-Kaabi, who is also the Qatari minister of state for energy, stated that the state-owned company wants to improve its own energy efficiency.