Qatar Petroleum (QP), the country's bellwether, is aiming at further reducing its operating costs as part of efforts to improve efficiency as the hydrocarbon industry redefines itself in the wake of low oil economic order.

"We need to focus on improving efficiency in our operations, while maintaining our highest HSE (health, safety and environment) standards. We also need to pay attention to reducing our operating costs as much as possible, or eliminating expenditures that do not add to our profitability,” QP president and chief executive Saad Sheirda al-Kaabi told Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).

Asserting that as the industry redefines itself, it can only manage the factors under its control; he said QP and its subsidiaries, have "substantially" reduced operating costs, while maintaining high HSE standards.

"This could not have been possible without the great efforts of all our employees and leadership teams in QP and all its subsidiaries," he said at a global business leaders’ panel at the conference themed "Strategies for the New Energy Landscape".

The other panellists included Bob Dudley, chief executive of British Petroleum; Claudia Descalzi, chief executive of ENI; Patrick Pouyanne, chairman and chief executive of Total; and Darren Woods, president and chief executive of ExxonMobil Corporation.

The panel discussions focused on the world oil outlook, and what the industry can do on the short and medium terms and how it can best adapt to ensure continued growth. He also highlighted and discussed issues related to how business leaders are anticipating and preparing for unexpected challenges and opportunities.

QP, whose break-even prices on most of its projects are considerably lower than in most other hydrocarbon producing countries, is expected to show "robust" financial profile as its depth and quality of cash flows enable financial flexibility even in the case of low sustained oil price levels, Moody's, a global credit rating agency, had said early this year.

On the sidelines of the conference, al-Kaabi received and held meetings with a number of energy industry leaders and executives for wide-ranging discussions on various issues related to the oil and gas industry.

Earlier, he welcomed Sheikh Hamed bin Zayed al-Nahyan, Abu Dhabi Crown Prince, who visited QP’s exhibition stand, shortly after opening ADIPEC, where a brief on the history of QP as well as its various operations and activities in the oil and gas industry was given.

QP’s stand prominently features the corporation’s extensive operations in the oil and gas industry, and it also showcases the developments in Qatar’s industrial cities (at Mesaieed and Ras Laffan) as well as Dukhan Concession Area. The stand also features the participation by Qatar Gas Transport Company (Nakilat).