Natural gas will be the fastest-growing fossil fuel in the global energy mix, increasing its share from the currently 23% to 28% by 2050, with the GECF members representing 52% of that share, according to the Gas Exporting Countries Forum.
GECF countries represent 71% of the global proven gas reserves, and even more untapped gas resources. They enjoy a great potential to develop these resources and continue to be leading the gas suppliers worldwide.
In an interview with Gulf Times, GECF secretary general Yury Sentyurin said, “As far as Qatar is concerned, and considering the great achievements the country has made to-date despite the difficult period the gas industry is going through, the country’s growth helps maintain the GECF’s status as the largest coalition of LNG supplier to the world, in addition to the traditional supplies from the GECF member countries as well as the incremental LNG volumes from the new facilities from Russian Federation.”
He said the forum has a “rich collective history” on the back of member countries being established players in the oil and gas business along the whole gas value chain. Each member country adds to the forum’s role on the international scene with its specific expertise and role regionally and globally.
Particularly for Qatar, Sentyurin noted, “It has a vast experience in the LNG business, and in gas based industries with the largest GTL plant in the world (The Pearl GTL), as well as a solid petrochemical industry. All these industries offer opportunities of co-operation in exchanging expertise in the field of monetisation of natural gas in downstream activities.”
“At the GECF, we believe that our member countries will continue offer the most reliable sources of natural gas supply in the market as well as continue to develop their natural gas resources to enhance the security of natural gas supply over the coming years. In this context, co-operation among member countries is a critical factor in bringing more stability to world natural gas markets.
“Of course, talking about Qatar, the first co-operation axis is the hospitality of this beautiful country, which graciously offered a permanent headquarter to the GECF Secretariat, and all the support the country provides to the Forum and to the staff of the Secretariat,” Sentyurin said.
Another area of co-operation, he said will be for preparation and delivery of the 6th GECF Summit of Heads of State and Government, which Qatar offered generously to organise in November this year. The country will also host the 23rd Ministerial Meeting, which will precede the summit.
“This is a sign of the great role that Qatar is playing in the Gas Exporting Countries Forum as a host country and as one of the founding members of GECF,” Sentyurin said.
The GECF was established in 2008 to embrace the long-term interdependence of its members on the gas market, but does not control or impact the market prices.
The current member countries of the forum are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela.
Angola, Azerbaijan, Iraq, Kazakhstan, Malaysia, Norway, Peru, and the UAE have the status of observer members.