State-owned giant Qatar Petroleum (QP) has rebranded as QatarEnergy as part of a push to be seen to be making progress on energy transition ahead of the crucial COP26 climate summit in Glasgow.
The company shared its rebranding details on Monday, without revealing further details.
QP is among the first Middle-East based national oil & gas giants to have rebranded itself into a diversified energy company, highlighting its intent to lower carbon emissions and speed up the drive for the energy transition.
In a social media post, QatarEnergy termed the company as "an energy transition partner".
QatarEnergy chief executive Saad Sherida Al Kaabi said becoming QatarEnergy reflects the company’s understanding of the global changes and its response to the need to protect the planet and its environment.
“Not only will our LNG [liquefied natural gas] projects bring additional cleaner energy to customers across the globe, but we will continue our heightened commitment to our central role in the global energy transition,” he said.
Al Kaabi said the company is making sure that it protects the environment by keeping “carbon footprint at a minimum”.
“This is why we are utilising sophisticated carbon sequestration methods to capture and sequester 9 million tonnes of CO2 per annum by the end of this decade,” he said.
Al Kaabi added that the company is "moving full steam ahead to develop the North Field by building state-of-the-art LNG trains” that would take its leadership position further with a production capacity of 126 million tonnes per annum by 2027.
He said natural gas continues to be QatarEnergy’s core business and the company is “conducting that in the most responsible way”.
“Natural gas is also part of the solution in the ongoing energy transition and that it will be a requirement for sustaining the development of the world for at least a few decades,” he added.
Along with the new logo and brand identity, there is a stated commitment to “continue to deliver the cleaner energy that the world needs, and to play its role as an active global partner in the search for better solutions in the ongoing energy transition,” the Qatar News Agency said.
The company's evolution to QatarEnergy began when it changed from Qatar Petroleum Company to Qatar Petroleum almost two decades ago.
National oil companies in the Middle East are trying to adapt to global demands for a low carbon future with a growing focus on carbon capture, useage and storage projects.
The United Arab Emirates recently unveiled an ambitious target of achieving net-zero carbon emissions by 2050, ahead of the crucial COP26 summit.
However, the other Gulf nations are yet to announce “net-zero plans” amid their increased push for a higher market share in the global oil and gas sector.