Washington, D.C.: On May 21st, the US-Qatar Business Council (USQBC) hosted a virtual briefing via WebEx on “The Path Forward for Qatar’s Energy Sector.” The event featured His Excellency Mr. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President & CEO of Qatar Petroleum.
USQBC President, Ambassador Anne Patterson, delivered opening remarks and USQBC Managing Director, Mohammed Barakat, moderated the discussion. The event was attended by nearly 100 senior-level officials from both the United States and Qatar as well as international media including The New York Times, Bloomberg, Financial Times, S&P Global Platts, and Reuters.
During the course of the discussion, the Minister of State for Energy Affairs discussed the turbulent energy markets, Qatar’s response to Covid-19, and the future of Qatar Petroleum’s production output. He said, “We are in it for the long-haul, We are the most cost-effective producer and can withstand market shocks. We are in very good financial shape and we are still looking for good investment opportunities...In such a scenario of forced production curtailment because of price, many other producers will be forced to shut down before Qatar due to their high production cost, therefore there is absolutely no way that we would curtail production.”
His Excellency the Minister of State for Energy Affairs also paid tribute to the historic and strong relations between Qatar and the United States, highlighting these partnerships in the energy sector. In particular, the Minister discussed the landmark investment of the Golden Pass LNG export terminal in Sabine Pass, Texas between Qatar Petroleum and ExxonMobil, and the recent visit by His Highness the Amir of the State of Qatar to the White House hosted by the President of the United States.
“Qatar Petroleum and US oil and gas companies have enjoyed a very fruitful partnership over the years,” said Ambassador Anne Patterson, President of USQBC. “The opportunities for future collaboration are ripe and USQBC looks forward to helping to facilitate business between the two countries.”
Other topics discussed by HE the Minister also discussed new developments of the North Field Expansion Project, Qatar Petroleum’s evolving corporate governance, future international investments, environmental and sustainability initiatives, Qatar’s localization program “Tawtween”, OPEC+’s future role, and the rise of women throughout the ranks of Qatar Petroleum. Notably, HE the Minister said that QP would not be halting the North Field Expansion despite the recent Covid-19 crisis and oil market shocks.
“We’d like to thank His Excellency the Minister for his time and valuable insight on global energy markets and Qatar’s path forward for energy development,” said Mr. Mohammed Barakat, USQBC Managing Director. “I’d also like to thank the Qatar Embassy in the United States for their support in organizing this event and highlighting the tremendous business opportunities between the US and Qatar.”
The US-Qatar Business Council is the premier entity to facilitate trade and investment between the two countries and hosts many events to build business relationships.