Energy
From The Report: Qatar 2016
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The year 2015 was a challenging one for Qatar’s oil and gas industry. The state saw its hydrocarbons revenues, which account for a significant portion of its income, significantly impacted as an ongoing global oil price plummet accelerated, with crude oil losing over two-thirds of its value between June 2014 and January 2016. The price slump extended into 2016, driven by soaring global reserves and rising output from the US and Iran. Despite these challenges, Qatar is better positioned than many. The world’s fourth-largest producer of dry natural gas and largest producer of liquefied natural gas (LNG), it has benefitted from over a decade of targeted investments that have allowed expansion into value-added gas-to-liquids (GTL) and condensate production, with a planned new helium production project indicating long-term confidence in GTLs. Although state-owned Qatar Petroleum underwent major restructuring during the first half of 2015, it is slated for medium-term growth after launching a new strategy targeting investment in foreign production projects.

This chapter contains interviews with Mohammed bin Saleh Al Sada, Minister of Energy and Industry; Sheikh Khalid bin Khalifa Al Thani, CEO, Qatargas; and Hamad Mubarak Al Muhannadi, CEO, RasGas.

Articles from this Chapter

Overview

Market share matters: Despite global price volatility, the country remains a leading player in the oil and gas industry
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The year 2015 was a challenging one for Qatar’s oil and gas industry. The state saw its hydrocarbons revenue, which accounts for a significant portion of its income, significantly impacted as an ongoing global oil price plummet accelerated, with crude oil losing over two-thirds of its value between June 2014 and January 2016. Redundancies, private sector exits and the cancellation of a multi-billion-dollar petrochemicals complex, the second such project to be cancelled in less than six months,…

Interview

New milestones: OBG talks to Mohammed bin Saleh Al Sada, Minister of Energy and Industry
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Interview:Mohammed bin Saleh Al Sada Given current market conditions, to what extent is the country’s domestic energy policy focused on enhancing oil production? MOHAMMED BIN SALEH AL SADA: A road map for development in all sectors is provided by Qatar National Vision 2030 and policies are evolved accordingly, under the wise guidance of the Emir, Sheikh Tamim bin Hamad Al Thani. For the energy sector, the policy is designed to cover a range of objectives to contribute to the development…

Analysis

Smooth operator: The country is looking to streamline its LNG sector
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With global oil and gas prices remaining depressed in mid-2016, impacting government revenues and production, state-owned Qatar Petroleum (QP) is now rolling out an ambitious restructuring programme that aims to reduce its domestic workforce and expand into international energy markets, with a focus on production. Restructuring and diversification are expected to improve efficiency, further mature QP’s existing asset portfolio and help to retain domestic oil and gas resources. This will in turn…

Interview

Clean conscience: OBG talks to Sheikh Khalid bin Khalifa Al Thani, CEO, Qatargas
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Interview:Sheikh Khalid bin Khalifa Al Thani In what manner will the construction of Laffan Refinery 2 (LR2) impact national condensate production in the future? SHEIKH KHALID BIN KHALIFA AL THANI: Laffan Refinery 1 (LR1), along with its expansion project, LR2, is yet another step towards realising Qatar National Vision 2030 (QNV 2030). It is of strategic importance, as it will contribute to diversifying Qatar’s energy mix and further strengthen our capacity to respond to the country’s…

Interview

Staying flexible: OBG talks to Hamad Mubarak Al Muhannadi, CEO, RasGas
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Interview:Hamad Mubarak Al Muhannadi How have declining oil and gas prices affected the manner in which RasGas approaches the international liquefied natural gas (LNG) industry? HAMAD MUBARAK AL MUHANNADI: The decline in both the price of oil and demand for LNG in some of the traditional markets has resulted in some immediate challenges for our industry. However, LNG is a long-term business: with project timelines extending over decades, prices are expected to fluctuate in line with economic…