OPEC of natural gas the GECF prepares for Algeria summit as LNG market faces price and geopolitical challenges
The Gas Exporting Countries Forum (GECF), known as the OPEC of LNG and pipeline gas, is preparing for its 7th Summit meeting with members scheduled to start arriving at the end of February in the Algerian capital of Algiers.
The GECF, whose secretariat is based in Doha in Qatar, will attempt to put some context into the geopolitical and economic challenges facing LNG and pipeline natural gas producers.
Although the GECF counts Qatar among its members the other main LNG producers, Australia and the US, have never been members nor will they be sending observers.
The GECF meeting will have 19 countries in attendance who together represent over 70 percent of the world’s proven gas reserves, 43 percent of its marketed production, 52 percent of pipeline gas and 58 percent of LNG exports.
Algeria, which is a key supplier of LNG to Europe from its Skikda and Arzew liquefaction plants and with gas pipelines connected to Italy and Spain, said it would use the occasion to “build a consensus” between the producing states to preserve the interests of gas exporters.
Algiers Declaration
Meetings will start on February 29 and the actual summit will take place on March 2, after which the LNG nations will issue what will be known as the “Algiers Declaration”.
The meeting is expected to support emerging African LNG nations and existing producers in their fight to alleviate energy poverty, in particular through better access to financial resources for gas development as well as improved energy security.
GECF Secretary General, Mohamed Hamel, who is himself an Algerian outlined what is on the agenda for the 12 nations who are members and the other seven countries who will attend as observers.
“This summit presents an opportunity for leaders to engage in comprehensive discussions encompassing geopolitical, economic and policy developments, providing an avenue to delve into both the immediate and long-term prospects and challenges in the natural gas sector,” explained Secretary General Hamel.
“Moreover, the summit will reiterate the important role of our Forum in strengthening cooperation among member countries, advocating for natural gas as a pivotal element in achieving the UN’s sustainable development goals, ensuring stability in natural gas markets and addressing energy security, affordability, and sustainability,” he added.
Prior to the March 2 summit, a high-level working group will meet and an Extraordinary Ministerial Meeting will be held to “prepare essential documents” for the summit, including the Declaration.
The summit will be complemented by a series of side events such as the inauguration of the Headquarters in Algiers of the newly established GECF Gas Research Institute.
Global Gas Outlook
Additionally, the delegates will approve and issue the latest edition of the “Global Gas Outlook”, one of the GECF's flagship publications.
Finally, there will be a signing ceremony for Memoranda of Understanding with the African Energy Commission (AFREC) and the Economic Research Institute for ASEAN and East Asia (ERIA).
Preparations for the summit have been undertaken by the Algerian National Committee in collaboration with the GECF Secretariat and “all of the necessary resources have been mobilised to ensure ideal conditions for a successful and productive” summit.
“I am confident that this summit will go beyond discussions and collaborations, providing delegates the opportunity to immerse themselves in Algeria's distinctive culture and warm hospitality,” Hamel stated.
The 12 GECF members are Algeria, Bolivia, Equatorial Guinea, Egypt, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela.
There are also seven observer members: Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique and Peru.
Gas Exporting Countries Forum known as OPEC of gas warns against ‘hasty acceleration’ of green energy
The Gas Exporting Countries Forum (GECF), the group of leading LNG exporting nations and gas producers based in Qatar and known as the OPEC of natural gas, has just held a virtual ministerial meeting and discussed the prices issue while warnings that over-green policies could lead to energy crises.
