Doha, Dec. 03 (QNA) - The State of Qatar has announced that Qatar has decided to withdraw from the Organization of the Petroleum Exporting Countries (OPEC), announced HE Minister of State for Energy Affairs and Managing Director and Chief Executive Officer of Qatar Petroleum (QP) Eng. Saad bin Sherida Al Kaabi, during a press conference held today, starting from the first of next January, citing that this decision is due to Qatar's desire to focus on the gas sector as the most important sector for Qatar.
The minister said that as the state seeks to strengthen its position in this field, it has had to review its role and contribution and how to strengthen that role to serve its long-term strategy. This requires more focus and commitment to develop and enhance its position in the production of natural gas.
He stressed that these data, coupled with the size of Qatar's oil production, were behind the decision to withdraw from the organization, which has been a member for 57 years and was one of the founding countries. He said that his country will remain proud of its global position in the forefront of natural gas producing countries and as the largest source of clean energy from natural gas He said Qatar would attend the last meeting of the organization during this month.
He pointed to the role of his country in developing a strategy for the oil and gas sector, based on growth and expansion internally and externally, which resulted in increasing its international presence, especially in the field of exploration and production in countries such as Brazil, Mexico, Argentina, Cyprus, Congo, South Africa, Oman and others, and that more projects are under study in the next few months.
On his expectations of the repercussions of this decision, he said that the oil market will not be affected by this decision due to the lack of production of the state, stressing Qatar's commitment to the decisions of OPEC until the end of its membership. Whether the decision is a political one, al-Kaabi denied this, saying it was due to technical reasons related to future strategy, explaining that the fair price of a barrel of oil ranges between 70 and 80 dollars a barrel.
He said that the role and objectives of the Gas Exporting Countries Forum is different from the OPEC, and that it is not among the objectives of the Forum to determine the quantities of production for the participating countries, expressing Qatar's satisfaction with its role and functions.
He pointed to the state line of increasing current liquefied natural gas production from about 77 million tons to 110 million tons in the coming years, announcing its strategy to raise its production capacity from 4.8 million barrels per day to 6.5 million barrels per day during the next decade. He said Qatar Petroleum would increase production without borrowing, and that the names of foreign partners would be announced soon. HE said a petrochemical complex would be established to break down ethylene in the Ras Laffan area.
In the field of investments, he explained that Qatar Petroleum will enter into partnerships for the production of natural gas in the United States, and it may become an exporter of liquefied natural gas from the United States through the project Golden Pass.
Regarding its prices and the impact of shale gas on them, HE said that among other options is the entry of Qatar Petroleum in investments in shale gas.