LNG Leader Qatar Petroleum Rebrands as “QatarEnergy”
The world’s number-two LNG producer, Qatar Petroleum, has rebranded as “QatarEnergy” and updated its blue-and-green logo. The rebrand follows the example set by Statoil (now Equinor) and Total (now TotalEnergies), which have recently shifted their messaging to emphasize investments in renewables.
Like Equinor and TotalEnergies, QatarEnergy is heavily invested in LNG as a future fuel source. Until 2020, Qatar was the world’s leading LNG producer, and it is working hard to regain its number-one title from upstart Australia, which took pole position in 2020.
State-owned QatarEnergy is now investing $30 billion in its North Field Expansion project, which will see its total liquefaction capacity rise to 110 million tonnes per annum (MTPA) by 2030. To support this huge jump in export volume, it is putting down the largest single investment in LNG carrier tonnage ever made, reserving dozens of vessel construction slots in China and South Korea for years into the future.
QatarEnergy benefits from its access to the North Dome / South Pars natural gas-condensate field, the largest single accumulation of petroleum in the world. This massive formation under the Persian Gulf contains an estimated 1,200 trillion cubic feet of recoverable natural gas – about 20 percent of all global reserves – along with 230 billion boe of condensate. Qatar shares the development of this resource with the government of Iran, which controls the portion of the field located on its side of the EEZ demarcation.
In addition to this multi-billion-dollar core business, QatarEnergy says that it is investing in solar power, carbon capture and methane emissions reduction, and it is “fully supportive of the Paris Agreement’s goal to limit global warming to well below 2 degrees Celsius.”