Qatar’s Minister of Energy Holds Keynote Speech at OPEC Event, Austria

Qatar's Minister of Energy Holds Keynote Speech at OPEC Event, Austria

Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman & Managing Director of Qatar Petroleum ( QP ), was a keynote speaker at the 5th OPEC International Seminar, which formally opened yesterday at the Hofburg Palace in Vienna, Austria.

QP is one of the sponsors of the two-day event and the corporation is also taking part in the exhibition held alongside the conference.

First held in 2001, the OPEC International Seminar is one of the premier events for the global oil industry as it brings together ministers from member states of the Organization of Petroleum Exporting Countries (OPEC) as well as those from other oil-producing countries worldwide.

In line with its objective to provide a forum for discussing key issues affecting the industry and to promote dialogue and cooperation among all stakeholders, the event also features the participation of the chief executives of national and international oil companies, the heads of intergovernmental organizations, renowned academics, industry analysts and the media.

For this year, the 5th OPEC International Seminar focuses on the theme “Petroleum: Fuelling Prosperity, Supporting Sustainability.” H.E. Dr. Heinz Fischer, Federal President of the Republic of Austria, delivered a speech at the event’s official opening ceremony, which was attended by H.E. Dr. Al-Sada.

H.E. the Minister later delivered a keynote address during the third session on “Capacity Expansion and Investment.” Among the topics discussed during this session were the uncertainties in demand and their impacts on upstream investment decisions, the need to strengthen cooperation between national oil companies (NOCs) and international oil companies (IOCs), and the challenges currently faced by oil companies worldwide.

“The energy industry needs to invest in new capacities and field developments, while keeping in mind the cost of production. Tomorrow’s production levels will, therefore, be determined by the investment decisions we make today. While considering investment in energy capacities, it has to be borne in mind that besides oil, the development of natural gas and LNG capacities will become necessary to balance the world energy equation,” said H.E. Dr. Al-Sada in his keynote address.

H.E. Dr. Al-Sada was joined at the session by H.E. Mohamed bin Dhaen Al Hamli, Minister of Energy of the United Arab Emirates; H.E. Abdul-Kareem Luaibi Bahedh,Minister of Oil of Iraq; H.E. Abdurahman Benyezza, Minister of Oil & Gas of Libya; H.E. Alexandr Novak, Minister of Energy of the Russian Federation; Paolo Scaroni, CEO of Eni SpA; and Gerhard Roiss, CEO of OMV AG.

On Thursday, June 14, H.E. Dr. Al-Sada will also be attending the 161st Meeting of the OPEC Conference, which will be held at the organization’s headquarters in Vienna.

Consistent with its leading role in the world’s oil and gas industry, QP has a strong presence both as a major sponsor and an exhibitor at the 5th OPEC International Seminar. Its participation in the event enables the corporation to showcase its extensive operations to the seminar’s high-profile speakers and to the hundreds of industry professionals and other delegates who are attending the event.

LNG World News Staff, June 14, 2012