Qatar Petroleum Changes Name to Reflect 'Broader Strategy'

Andrew Mills
Monday, October 11, 2021

Qatar changed the name of its state-owned oil and gas firm to Qatar Energy from Qatar Petroleum to reflect what it said was a broader strategy but said it had no plans to sell assets to raise funds as other Gulf state producers have.

"We have plenty of cash," Chief Executive Saad al-Kaabi said on Monday, indicating the Qatari firm would not follow in the footsteps of Gulf rivals that have sold assets, such as Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).

Kaabi, who is also minister of state for energy, said the new name better represented a broader strategy included a focus on energy efficiency and environmentally-friendly technology such as capturing and storing carbon dioxide.

Qatar is the world's biggest supplier of liquefied natural gas (LNG).

Qatar Energy handles the country's LNG production and its more modest oil output, alongside a range of other industries, such as a gas-to-liquids project and petrochemicals production.

Amid surging global gas prices, Qatar aims to expand LNG output to 127 million tonnes a year by 2027 from 77 million tonnes.

Kaabi said gas, which generates lower emissions than other fossil fuels such as oil and coal, would remain part of the global energy mix for years to come even as the world shifts to more renewable energy sources.

Qatar Energy, under the name Qatar Petroleum, had raised $12.5 billion through a bond issue in June. Kaabi said the cash was "sitting in accounts and not being used ... to make sure that we have enough liquidity."

The bond issue, made in four tranches, was the firm's first public bond sale and the biggest issuance in emerging markets this year.

Other Gulf state oil firms have been raising funds via asset sales. Bankers say state-run Saudi Aramco, which has already sold a small stake in a giant initial public offering, plans to raise tens of billions of dollars by selling stakes in energy assets to capitalize on higher oil prices. 

(Reporting by Andrew Mills; Writing by Saeed Azhar; Editing by Edmund Blair)
 

Categories: People & Company News Energy Middle East Industry News Activity

Related Stories

EnQuest Bags Two Production Sharing Contracts off Indonesia

Sapura Energy Scoops Close to $9M for O&M Work off Malaysia

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

SLB Names Raman CSO, CMO

Eco Wave Finds Partner for Wave Energy Project in India

US Operator Finds Oil Offshore Vietnam

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Current News

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com