For Free Headlines Submit Your Email
Friday, April 26, 2024 9:2 GMT
The Gas Exporting Countries Forum (GECF), yesterday unveiled the 5th edition of its annual GECF Global Gas Outlook 2050 (Outlook), which is the most extensive forecast of the global gas industry, at an online event.GEFC is the association of 19 member countries, which together represent 70 % of the world’s proven gas reserves, 44 % of its marketed production, 52 % of pipeline, and 51 % of LNG exports in the world. The event was attended by energy ministers and senior representatives from the Forum’s Member Countries together with a bevy of dignitaries and gas industry stakeholders. Addressing the gathering via a statement, Viktor Zubkov, Special Representative of the Russian President for Cooperation with the GECF and Chairman of the Board of Directors of Gazprom, said: “The Global Gas Outlook, being launched today, presents a quality assessment of how macroeconomic conditions, energy policies, prices and investment decision have their influence on the development of natural gas markets (worldwide).”“At the same time, this new edition closely examines the effect of the COVID-19 pandemic on global energy markets and focus on the strengthening role of natural gas in the energy transition.”Commending the GECF for developing a rigorous forecasting and analytical potential in-house, Alexander Novak, Deputy Prime Minister of the Russian Federation said: “The weight and reputation of the GECF in the gas industry is steadily growing and we expect that it will continue to play a key role in shaping further vectors for the development of the gas industry, establishing mechanisms to ensure the stable and safe functioning of the gas market.”“The development of the global gas market largely depends on the BRICS countries, whose energy balance will witness natural gas’ growth by almost 50 % by 2040. In addition, the potential for the LNG market is growing. Already, Russia is fourth among the world’s largest producers. We intend to increase production from the current 29 million tons to 120-140 mt of LNG per year and take up to 15-20 % of the market by 2035,” added Novak. In his overview of the latest findings of the Outlook 2050, the GECF Secretary-General Yury Sentyurin highlighted the vital role natural gas will play in the global energy mix by raising its share from currently 23 % to 28 % by 2050, thanks to its remarkable features of abundance, flexibility, affordability, and environmental efficiency. Sentyurin said: “The complexity of factors and the multiplicity of stakeholders within the energy sector results in myriad shifting strategies that are shaping the new architecture of the future. Nevertheless, the mid- and long-term fundamental factors that favor natural gas remain unchanged. This plentiful, adaptable and, crucially, clean source of energy will expand across Asia Pacific, North American and Middle Eastern markets.”The Outlook presents multiple forward-thinking scenarios, from COVID-19 recovery to hydrogen economy, up to 2050 – a year by when gas is expected to firmly become the primary fossil fuel. The Outlook’s detailed quantitative assessments account for national energy strategies, environmental and climate policies, and investments and business decisions. In his statement, Mohammad Barkindo, OPEC’s Secretary General said: “The publication of the Global Gas Outlook today and OPEC’s contribution to it, are just another sign of the ever-expanding cooperation and dialogue between our two organizations.”“The potential of this dialogue is unlimited, and even that much more essential now, as, together, we unite with all of our industry stakeholders to accelerate the recovery from the ravages brought on by COVID-19 pandemic.” Joining from Riyadh, where the International Energy Forum (IEF) is headquartered, Secretary General Joseph McMonigle said: “As the only natural gas focused outlook by the major energy organizations, the GECF’s Global Gas Outlook makes a valuable contribution to global understanding of future energy trends.”“As a cleaner alternative to other fossil fuels, natural gas offers the world a real chance to mitigate climate change and meet shared goals faster together. The IEF is committed to helping advance the role of readily available gas resources, new infrastructure solutions, and innovative technologies to facilitate smart stable and secure energy transitions in partnership with the GECF and other organizations.”The high-ranking officials praised the necessary competencies achieved by the Forum, which, according to them, are increasingly sought-after at some of the world’s most authoritative platforms such as the United Nations, G20, ASEAN, BRICS, among others.