26/10/20 – Energy / Gas / Forum / GECF / Global

Executive Board Meeting of Gas Exporting Countries Forum explores outlook to 2050

The Gas Exporting Countries Forum (GECF) has held its 37th Executive Board Meeting via videoconference, gathering high-ranking officials from across the globe to explore insights, challenges and forecasts for gas exporting nations in the years and decades ahead. 


High-ranking officials of Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela attended the Meeting. In addition, Iraq, Malaysia and Norway participated as Observers. Ms Yazmín Ramírez, the Executive Board member from Venezuela, chaired the meeting and contributed meaningfully to the efficient and constructive debates. 


Spanning three days, the virtual gathering reviewed the progress achieved in recent months, summed up the main outcomes, and paved the way for smooth operations for what are likely to be intense upcoming months and into the year 2021. 


Proactive and unified response


Launching the event, Ms Ramírez acknowledged the efforts of the Secretariat on continuing proactive activities to satisfy the interests of the Member Countries in the most accomplished manner. Madam Chair also appreciated the unity of the Forum participants under pressing market narrative. 


The precise and extensive GECF Secretary General’s Management report was complimented with discussions on programme of work and the budget for 2021, advancement of the Forum’s Technical and Economic Council performance, enhancement of the legal functions, and revision of the recruitment policies and procedures. The Executive Board expressed gratitude and appreciation for the efforts and achievements of the Secretariat and supported the proposed roadmap of activities for the upcoming year.


Global Gas Outlook 2050 in focus


The 2020’s edition of the GECF’s signature deliverable, Global Gas Outlook 2050, was in focus at the meeting. The GECF Secretariat briefed the audience on the advanced features of the Outlook. It was stressed that regional prioritisation has recently been extended to over 140 countries and 80 regional and economic aggregations. The GECF Global Gas Model now provides the forecast of complete energy balance estimates from 2020 to 2050 with new accelerated energy transition scenario. Ongoing consideration of climate policies and technologies for emissions reduction as of October 2020 have also been included into the model assumptions.


A comprehensive report was delivered on the brand-new GECF Annual Short-Term Gas Market Report, the Gas Research Institute project implementation, and the continuous progress in the study on ‘Assessment of Natural Gas Hubs, associated Risk Management Instruments and Potential Future Developments’. 


Advancing data exchange channels


In terms of data and statistics, the Secretariat introduced the advanced procedure and deliverables of the Data Exchange Mechanism, as well as the initiative of launching GECF Monthly and Quarterly Statistical Bulletins Collection. The projects were welcomed by the Executive Board members, given to the consistency and proactive approach in establishing data and information exchange channels between the Member Countries and the Forum’s Headquarters.


Upcoming meetings


The gathering observed preparations for the 22nd GECF Ministerial Meeting, to be held on 12 November 2020 via videoconference under the Presidency of Algeria. The host country reaffirmed its complete readiness to conduct the event at the highest level. The status report on preparations to the 6th Summit of Heads of State and Government, scheduled for November 2021, was successfully delivered by the host country of the event and the GECF Headquarters – the State of Qatar – and was welcomed and endorsed by all the participants.


Headquartered in Doha, Qatar, the Gas Exporting Countries Forum is an international governmental organisation of 20 Member Countries – Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela, Angola, Azerbaijan, Iraq, Kazakhstan, Malaysia, Norway, Oman, Peru, and the United Arab Emirates, which jointly control 72 per cent of the proven gas reserves, 46 per cent of its marketed production, 55 per cent of pipeline, and 61 per cent of LNG exports across the globe.


The Executive Board is a governing body of the GECF, second only to the supreme authority vested in the Ministerial Meeting. It directs the operational affairs of the Forum, implements the decisions of the Ministerial Meetings, and considers the yearly Programme of Work of the Secretariat for further approval by the Ministerial Meeting, in accordance with the GECF Statute, Long-Term Strategy, and the 5-Year Working Plan.


www.gecf.org

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