7th GECF summit reaches consensus to increase export market through cooperation

The 7th GECF (Gas Exporting Countries Forum) summit ended with a consensus on the expansion of the gas market, development of this sector, future security of gas, prevention of carbon emissions in gas extraction, increased investment, market regulation, and increased communication and cooperation among gas exporting countries.

The conference was held at the International Conference Center Abdelatif Rahal in the capital of Algeria, Africa, for three days (February 29, March 1-2) on November 29 with the members of the gas exporters' alliance and observer members.

On March 2, President of the Republic of Algeria, Abdelmadjid Tebboune announced the 'Algiers Declaration' to close the three-day international conference.

the summit, the African country Senegal was declared an observer member and Mauritania as a member of the alliance, Rahmat Rahman, senior reporter of Share Biz, a Bangla newspaper in Bangladesh, reported from Algeria.

The summit was attended by energy ministers of nine countries, ambassadors, the secretary general of the Ministry of Economy of Malaysia and heads of state of 10 countries. Besides, media men from different countries across the world also participated in the event.

A meeting was held with gas experts on the first day of the summit held on February 29 and it finalised the direction of the conference to be held with the ministers of the member countries on the second day of the summit on March 1.

And, Algeria President Abdelmadjid Tebboune presented the outcome of the meeting on the last day of the summit held on March 2. Heads of the member states, ministers and their respective representatives held an elaborate discussion over the progress in the Liquefied Natural Gas (LNG) sector worldwide. The conference issued directives to member and observer countries on LNG and gas supply.

Heads of 10 countries at the GECF conference

The 7th GECF conference was attended by energy ministers of nine countries, ambassadors, the secretary general of the Ministry of Economy of Malaysia and heads of 10 countries.

President of Iran Ibrahim Raisi, President of Bolivia Luis Arce, President of the Presidential Council of Libya Mohamed Yunus al-Menfi, Emir of Qatar Sheikh Tamim bin Hamad Al Thani and Iraqi President Abdullatif Jamal Rashid were present at the conference.

Besides, President of Mauritania Mohamed Ould Ghazouani, President of Mozambique Filipe Jacinto Nyusi, President of Venezuela Nicolás Maduro, President of Senegal Macky Sall and President of Tunisia Kais Saied took part in the summit.

Algeria's achievement in de-carbonisation

Algeria is going to emerge as a natural gas producer and supplier in the world. It is becoming an important supplier of natural gas, especially for European countries. As a result, European countries' dependency on Russian gas will come down.

In addition, the summit will strengthen investment cooperation among member countries to increase production capacity for gas-purchasing countries.

It is said in the conference, that this conference held in Algeria will be a role model in terms of de-carbonisation.

However, Algeria's state-owned oil and gas company Sonatrach is a role model for de-carbonisation in gas extraction as it has invested in the extraction and production of climate-friendly fossil energy.

The objective is to reduce greenhouse gas emissions, particularly de-carbonisation of gas fields.

Around nine billion cubic meters of smoke is generated every year from gas fields, which emit carbon.

Global Gas Outlook Report Released: Global LNG Demand to Grow 34 percent by 2050.

By 2050, world demand for LNG will increase by 34 percent. Which has currently increased to 23 percent. This information has emerged in the 'Global Gas Outlook' report published at the 7th GECF conference.

The report was released on the second day of the summit. GECF Secretary General Mohamed Hamel presented this information in the report at the summit. It should be noted that when the Russia-Ukraine war started in February 2022, the LNG supply in the world market faced a major crisis.

In such a situation, the price of fuel reached a new high in the Asian spot market, surpassing all previous records.

However, in 2023, supply has largely eased from the crunch. The average price dropped to $18 per MMBtu.

Lower prices are encouraging in most importing countries, from China to Bangladesh, to increase supplies from Qatar and the United States.

Algerian President calls for increasing communication and cooperation among the GECF member countries

President of the Republic of Algeria Abdelmadjid Tebboune congratulated the heads of state, energy ministers and representatives of various countries who participated in the last day of the seventh GECF conference.

The President emphasized increasing dialogue and cooperation among the allied countries and said that the stability of the global market of natural resources should be ensured.

Besides, the President urged to ensure the continuation of close cooperation among the members of the alliance and said that the alliance should be strengthened internationally by encouraging new member countries.

The President said during the summit that 'an opportunity has arisen to draw a joint vision to preserve the interests of both gas producers and consumers alike, which will increase the commitment and role of gas exporting countries.

Mentioning its contribution to global energy security, he said natural gas will play a fundamental role in achieving sustainable development and meeting the growing global energy demand.

Algeria has always supported the idea of ​​sustainable development of the gas market and expanding the role of natural gas in its use.

“We need to improve dialogue and multilateral action for today's challenges if we all support policies that promote technological progress, long-term contracts, fair pricing and investment in energy in these areas,” he said.

Iran President visits Algeria after 14 years

President of the Islamic Republic of Iran, Ibrahim Raisi, attended the 7th summit in Algeria. This is the first time in 14 years that an Iranian president has visited the North African country. President Raisi arrived in Algeria on Saturday morning with a high-level political and economic delegation. The President of Iran has visited Algeria based on the official invitation of Algerian President Abdelmadjid Tebboune.

New member states and observer states of GECF

Senegal was announced as the new observer state of the GECF on the last day of the 7th GECF conference held in Algeria.

The West African country of Senegal has several billion cubic meters of underground gas reserves, which will make the region a major gas producer in the future, according to representatives of countries participating in the GECF conference.

In addition, Mauritania was officially given membership status as a permanent member of GECF, the gas exporters' alliance at the conference. Mauritania is an Islamic Republic of North West Africa.

According to the GECF, the number of members of the alliance, including Mauritania, stands at 13. The countries are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Mauritania and Venezuela. And the number of observer countries of the alliance, including Senegal, stands at 9.

The countries are Angola, Azerbaijan, Iraq, Malaysia, Mozambique, Norway, Peru, Senegal and the United Arab Emirates.

The member and observer countries of this alliance save about 72 percent of the natural gas used in the world. And it produces 44 percent of the gas used in the international market.

More than half of global LNG exports come from these countries. This alliance was established in 2008 at the proposal of the Islamic Republic of Iran.

Increasing investment and reducing carbon emissions (de-carbonisation)

Ministers and representatives of the member and observer countries of the alliance during the GECF conference emphasized several issues. This includes the development of the gas industry, and increased investment and cooperation. Besides, the conference agreed to emphasize de-carbonization or curbing carbon emissions in increasing gas production.

During the conference, Iran's energy minister referred to natural gas as a key tool in the future global energy transition and urged all countries to explore this resource and increase investment in this sector.

Similarly, Nigeria's Energy Minister Ekperikpe Ekpo said that gas will play an important role in the future. That is why he called on the countries to develop the gas sector. He called for development in the gas industry, particularly LNG, to meet market demand for clean and sustainable energy.

According to global estimates, Nigeria has about 206.53 trillion cubic feet of gas reserves. Africa's second gas reserves are next to Algeria. The country's reserves amount to about 159.1 trillion cubic feet. Senegal has 120 trillion cubic feet. The two African countries that export fairly significant amounts of natural gas are Algeria and Nigeria.

Algeria currently exports 29.3 million metric tonnes and Nigeria 22.2 million tonnes of gas. Other African countries have limited gas production and export capacity and do not have LNG plants or pipelines.

Key progress of the 7th GECF summit

Along with the 7th GECF countries, two landmark agreements have been signed to enhance energy cooperation in Africa and Asia. First with the African Energy Commission (AFREC) and secondly with the Economic Research Institute for Asia and East Asia (ERIA). In partnership with AFREC and ERIA, sustainable development and technological progress in Africa and East and Southeast Asia, conducting joint research and organising workshops in the energy sector.