In the quest for a global energy transition, the recent Qatar Economic Forum powered by Bloomberg highlighted the instrumental role played by energy suppliers such as Qatar, the United Arab Emirates, and Saudi Arabia. The forum specifically focused on the theme of “The New Commodities Supercycle?”. This remarkable session served as a platform that brought together industry leaders and experts. Its purpose was to acknowledge and appreciate the invaluable contributions of these nations to the energy landscape, recognizing their significant impact and influence.
Robert Friedland, the visionary Founder and Executive Co-Chairman of Ivanhoe Mines, took the stage to emphasize the pivotal role played by Qatar, UAE, and Saudi Arabia in facilitating a smooth energy transition. He recognized their provision of essential energy as indispensable. Friedland underscored the criticality of their contributions, stating that any attempt at transitioning to alternative energy sources would be unfeasible without their foundation.
“What we’re talking about is the critical role Saudi Arabia, United Arab Emirates, and Qatar are playing in basic energy provision, without that basic energy, we’re not going to be able to make any form of energy transition.”
Qatar’s North Field
Friedland also emphasized the significance of patient, long-term investment in the mining sector, using Qatar’s North Field as an example.
He highlighted the immense value of this extensive reserve. It plays a crucial role in supplying essential energy resources. These resources are vital for ensuring Europe’s warmth during the night. Friedland underscored that the development of such critical resources requires several decades of dedicated efforts. He further emphasized the crucial role of stable energy provision in facilitating successful global energy transitions.
“Look at the development of the North Field here in Qatar amazing and so essential to keeping Europe warm at night it takes decades to develop this kind of fundamental basic resource and without it we’re really going to face an enormous challenge as a species in the next 10, 20, 30 years.”
Situated along Qatar’s northeastern coast, the North Field is a vast expanse spanning over 6,000 square kilometers. It stands as the largest non-associated natural gas field on the global stage.
With its impressive recoverable reserves exceeding 900 trillion standard cubic feet, this field is a significant player in the global energy landscape. It holds approximately 10% of the world’s known reserves, making it a vital resource for meeting energy demands.
