Gas exporters rue industry’s challenges
NIGERIAN Minister of Petroleum Resources Emmanuel Ibe Kachikwu, has stressed the need to tackle the challenges before gas exporting countries to maintain supplies of natural gas.
“We are meeting at a critical period in the history of our industry, a period where Gas markets are experiencing drastic structural changes owing to the complexity of the dynamics shaping the architecture of energy markets,” he told the GECF 17th Ordinary Ministerial Meeting in Iran.
He said the forum has very deep objectives and is pursuing real gas prices.
Presiding the meeting, Kachikwu added: “Gas Exporting Countries’ Forum (GECF) as the pivot of natural gas suppliers in the world, is facing significant challenges along the supply chain in terms of production costs optimization, demand for natural gas that is being squeezed in favour of coal and renewable energies, as well as competition from news large exporters.”
He also thanked Iran for successful hosting of the ministerial meeting and the following Summit Meeting of GECF.
The Ministerial Meeting of the Gas Exporting Countries Forum (GECF) was convened in Tehran, Islamic Republic of Iran on Saturday, November 2Chairmanship of Dr. Emmanuel Ibe Kachikwu, Minister of State for Petroleum Resources of the Federal Republic of Nigeria, as President of the Ministerial Meeting, and Alternate President from the State of Libya.
The Meeting was attended by Ministers from Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela as well as Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru as Observers. The Chairman of the Executive Board, and Secretary General as well attended the meeting.
In his opening remarks, the President of the Ministerial Meeting gave an overview of developments in the gas markets and outlined the challenges facing the GECF Member countries, emphasizing the need for enhanced cooperation and coordination among GECF Member countries to promote natural gas and realise the objectives of the GECF.
The Ministerial Meeting discussed the global gas market report presented by the Secretariat including recent developments in the world economy, natural gas demand, challenges and competition from other fuel sources and other exporters. The report also discussed the position of GECF in the global gas trade by pipeline and LNG, and the important role of GECF in gas supply. The development of conventional and unconventional natural gas supply and evolution of natural gas price trends was also discussed in the Secretariat’s report.
The Ministers also discussed the impact of environmental commitment and the COP 21, and its implication on energy policies and demand for gas.
The Secretary General presented the report of the two TEC meetings held during 2015, the progress report about the completion of the Global Gas Model as well as the Outlook and the perspective of the market up to 2040 and the market trends in the medium and long terms.