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Doha: A session titled “New Commodity Supercycle?” on the sidelines of the Bloomberg-backed Qatar Economic Forum recognized the significant contribution of major energy suppliers including Qatar, the United Arab Emirates and Saudi Arabia.
Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines, highlighted the critical role of these countries in ensuring a seamless energy transition. He emphasized that any form of energy transition would not be possible without the essential energy they provide.
“We’re talking about the critical role played by Saudi Arabia, the United Arab Emirates and Qatar in the supply of essential energy without which we cannot have any kind of energy transition.”
Friedland also cited the northern oilfields of Qatar as an example, emphasizing the importance of patient, long-term capital in the mining industry.
This abundant resource plays a vital role in providing the energy necessary to keep Europe warm at night. Friedland emphasized that it will take decades to develop such basic resources, and emphasized the need for stable energy sources for the global energy transition.
“It’s amazing to look at the development of the northern oilfields in Qatar, it’s vital to keep Europe warm at night, it will take decades to develop this essential resource, and without it we’re really going to have a huge challenge as a species in the next 10 years, 20 years, 30 years.”
The North Gas Field is located on the northeast coast of Qatar, covering an area of ​​more than 6,000 square kilometers. It has the title of the largest non-associated natural gas field in the world.
Recoverable reserves exceed 900 trillion standard cubic feet, accounting for about 10% of the world’s known reserves.
Moderated by Erik Schatzker, Bloomberg New Economy Editorial Director, the session discussed the opportunities and risks facing the mining industry.
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