Republic of Algeria President Abdel madjid Tebboune on Saturday called on GECF member states to strengthen dialogue and cooperation among them, to ensure a common and promising future for this natural resource and the stability of the global market.
He also called for continued close cooperation among members of the forum which continues to attract new countries to contribute in promoting the forum internationally and the achievement of its strategic objectives.
At the three-day summit, participant countries discussed new and emerging dynamics of the energy market. With renewable energy sources gaining traction and demand for oil and gas experiencing fluctuations, the forum provided a platform for coordination on investments, enhancing ties with consumer countries, and bolstering production capacity.
While Natural gas is on track to become fuel of the future amid a worldwide energy transition , the million dollar question to have erupted at the recently ended 7th GECF Summit has been : how to solve the energy-economic equation with introduction of the climate variables? This crucial issue had been critically addressed , analysed by GECF member states energy ministers by adopting the draft of the Algiers Declaration on Saturday.
Investment and Decarbonization: At the recently ended summit, energy ministers from GECF member countries discussed "the development of the gas industry, investment, cooperation, and decarbonization" to introduce new and renewable energy sources into the market. Iranian Energy Minister Javad Owji emphasised the vital and viable role of natural gas and its crucial role in the global energy transition, calling for "increased investments in the exploration and development of this resource."
Similarly, Nigerian Energy Minister Ekperikpe Ekpo stated that "gas will play a pivotal role in the future" and called for developing the gas industry, particularly LNG, to meet the demand for clean and sustainable energy.
Algeria a success story for decarbonization: In order to adapt gas production to new realities and matching the requirements of a transitioning market, GECF member countries focused on the need to reduce carbon footprint while improving production. Decarbonization thus emerges as a necessary step in the value chain of the future gas industry. In this regard, Mohamed Arkab affirmed that Sonatrach has embarked on this path by investing in "the exploitation and production of climate-friendly fossil energy." Sonatrach has emerged as a role model for decarbonization, particularly with projects launched last year with foreign partners such as ENI, Total, and Equinor, aimed at reducing greenhouse gas emissions, particularly in gas fields targeting flare gas recovery, including 9 billion cubic meters annually going up in smoke!
There was also discussion about the development of the LNG sector, which is a highly sought-after product in the international energy market in recent times. The proceedings of the 7th edition of the GECF summit, ended yesterday in Algiers, capped by a declaration that will serve as a guideline for gas-producing countries to stay focused on their common objectives in a constantly changing market.
Key developments at the 7th GECF: Two landmark MoUs had been signed in the recently ended 7th GECF Summit in Algiers to enhance energy co-operation in Africa and Asia, on the sidelines of the main Summit. First, with the African Energy Commission (AFREC), and, second, with the Economic Research Institute for ASEAN and East Asia (ERIA). The partnerships with AFREC and ERIA will involve sharing expertise, conducting joint research, and organising workshops in the energy sector with a view to promote sustainable development and technological advancements in Africa and East and Southeast Asia.
New member and observer state: Senegal became an observer member of the Gas Exporting Countries Forum (GECF). Mauritanias official membership as a permanent member in the Forum has been approved by the forum.
