QatarEnergy’s CEO pins oil, gas, and renewables as ingredients of ‘resilient’ energy supply

While discussing the tools required to meet energy demands and move forward with the transition to low-carbon and green sources of supply, the Chief Executive Officer (CEO) of Qatar’s state-owned giant QatarEnergy has emphasized the importance of diversifying the energy mix by feeding oil and gas alongside renewable energy to its global arsenal.

During an event in India, Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, highlighted the need for an inclusive and balanced global energy mix, stressing the importance of “a realistic energy transition” that makes use of a diverse and balanced energy mix, which considers each country’s economic growth plans, energy requirements, and environmental targets.

Al-Kaabi pointed out: “Energy poverty is a serious issue in the world, where over a billion people have no access to basic power. In addition, we are going to have an additional 1.5 to 2 billion people on our planet by 2050.

“On top of that, the global middle class is expanding. All of this results in an incremental demand for energy that we have to cater for. Therefore, we need more power, we need oil, we need gas, and we need more renewables to get a resilient energy mix for the long term. We need all resources on deck.”

The CEO of the Persian Gulf state’s energy giant underlined the importance of continued investments in the oil and gas sector to help meet the world’s increasing energy demand and avoid price volatility from supply shocks.

This comes two months after Al-Kaabi criticized the European Union’s new directive that symbolizes a swift pivot toward strict sustainability rules during an era when many countries around the globe still prioritize energy security over the transition to net zero.

QatarEnergy’s CEO also underscored that the U.S.-Qatari friendship and energy bonds transcend administrations without showing any concerns over President Donald Trump’s plans to ensure a U.S. LNG export bonanza.

“Demonizing energy producers does not help in solving our environmental problem, nor does it help in securing affordable energy supplies,” Al-Kaabi concluded.

In line with its CEO’s energy views, QatarEnergy took steps to enlarge its portfolio, thanks to multiple deals from 2024, including the one with Harmattan Energy Limited (HEL), an indirect subsidiary of Chevron Corporation, for a stake in an exploration block off the coast of Namibia.