Doha, February 02 (QNA) - HE Minister of State for Energy Affairs, President and CEO of QatarEnergy Eng. Saad bin Sherida Al Kaabi said that gas is considered the energy of the future and that increasing demand will continue to be driven by global economic growth and other factors like artificial intelligence and data centers.

His Excellency said: "QatarEnergy, along with its partners represented on the panel, are building LNG for the future with the lowest carbon footprint you can have. Everywhere where you'll see exploration blocks that are looking for oil or gas, you'll find QatarEnergy working there."

HE the Minister of State for Energy Affairs reaffirmed his long-stated position that "oil will be needed for a very long time," adding that "people who, two years ago, have been part of the oil cancel culture, are now recognizing the need for oil and that it will not disappear in 2030 like they were saying."

His Excellency stressed that the world can't live without energy. "People need to be prosperous, including about a billion people don't have the basic electricity that we enjoy. We can't deprive them from that growth."

His Excellency highlighted the importance of demand in driving the LNG industry, and while pointing out to Asian economies that are driving the main demand, His Excellency said "we must not forget the Middle East region, where gas is required in many parts as population growth requires additional power for continued growth that often comes from gas complemented by renewables."

Speaking on the environmental aspect of the energy industry, HE the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: "We need to also support the growth of economies around the world, and while realistic solutions can be made available many would say they are nice to have but will not be willing to pay for it," he added.

His Excellency added: "We are doing our best to develop and adopt the best technologies to reduce emissions, including CO2 sequestration in order to deliver the most affordable energy to the market in the most environmentally responsible manner. It is important for policymakers to be realistic about what can and cannot be delivered. They need to listen to the people who understand the business."

The session examined the evolving dynamics of global LNG demand and supply and provided a comprehensive perspective on key challenges and opportunities, with a particular focus on LNG affordability, security of supply, and reliability. It covered issues like the role of gas, LNG supplies, and sustainability.

In this context, CEO of Shell Wael Sawan said that energy demand continues to grow. Currently, the world is adding to energy demand the equivalent of Switzerland's monthly consumption, and this growth will continue until 2050. Gas has a crucial role to play, especially LNG, which he sees as a key element in supporting renewable energy sources, enabling them to replace coal in power generation and drive industry.

In turn, Executive Chairman and CEO of ExxonMobil Darren Woods indicated that gas is one of the energy sources available today that meets two important criteria: continuing to supply the world with reliable and affordable energy, while at the same time looking for options to reduce emissions.

He said that as the world continues to grow and need more energy, and continues to shift to electricity, gas is the ideal solution. At the same time, as we look for ways to continue reducing carbon emissions and meeting growing demand, gas plays a pivotal role in that. So it is a versatile, affordable, and reliable energy source that will be used for decades to come.

For his part, Chairman and CEO of ConocoPhillips Ryan Lance said that he believes that global energy demand will grow and double over the next 20 years.

He indicated that gas enhances the security of the energy system and the electricity grid. He said that as energy demand continues to grow, gas will become a vital fuel source worldwide, given its lower carbon emissions compared to coal, the other main source of electricity generation currently used globally.

Furthermore, Chairman and CEO of Total Energies Patrick Pouyanne said that they have revolutionized the reduction of the cost of LNG and made it affordable for everyone, after gas exploration was seen as doomed to failure due to the difficulty of making profits from gas. He stressed that affordability is the key criterion for the development of gas demand in the coming years. (QNA)