QATAR is committed to provide clean energy to the world and demonstration of this unwavering dedication was evident yet again on Wednesday when Qatar Petroleum (QP) announced that it had joined the World Bank-led Global Gas Flaring Reduction Partnership (GGFR) MultiDonor Trust Fund. This comes as part of its commitment to stronger collaborations in the global effort to reduce flaring or burning of natural gas associated with oil/gas exploration, production and processing operations. By committing to the World Bank’s “Zero Routine Flaring by 2030” initiative, QP is supporting the global effort to end the industry practice of routinely flaring associated gas during oil production, a necessary goal if the world is to keep a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels. Launched in August 2002 at the World Summit on Sustainable Development, the GGFR is a public-private partnership of governments, companies, and multilateral organizations working to end routine gas flaring at oil production sites across the world. In January, QP launched its new Sustainability Strategy, which sets a roadmap for a sustainable and more prosperous future for Qatar and the world. The strategy is an important step on the road to achieve its vision of becoming one of the best national oil and gas companies in the world, with roots in Qatar and a strong international presence. The Strategy also acts as a clear direction towards reducing the emissions intensity of Qatar’s LNG facilities by 25 percent and of its upstream facilities by at least 15 percent, and reducing flare intensity across upstream facilities by more than 75 percent. Furthermore, it sets out a target to eliminate routine flaring by 2030, and limit fugitive methane emissions along the gas value chain by setting a methane intensity target of 0.2 percent across all facilities by 2025. QP, in February, had signed a deal for developing its $28.75bn North Field East Project (NFE) which is the world’s largest LNG project. This expansion is a good news not just for Qatar because the project will generate substantial revenues for Qatar, but for the entire world as it paves way for increase in supply of an environment friendly and cleaner fuel. This investment decision is a clear demonstration of the unwavering commitment by Qatar to supply the world with the clean energy it needs. Qatar has launched many steps to produce energy in an environment friendly manner. As per the GEFC report, the gas market will progressively become more interconnected and less regionalised due to the projected extension of total gas exports. The share of traded LNG will increase to approximately 48 percent of all traded gas in 2030 and 56 percent in 2050, respectively.
