Doha, Qatar: The capital Algiers is set to host the summit of the Gas Exporting Countries Forum (GECF) from Feb. 29 to Mar. 2, presenting an invaluable opportunity for member states to exchange expertise and insights.
In statements to the Qatar News Agency (QNA), experts highlighted the GECF meetings to be among the most significant gatherings that bring together decision-makers and specialized experts to discuss issues related to the natural gas industry and trade, anticipating its future, and discussing means to advance it to solidify the resource’s status as a global clean energy source.
The mounting challenges facing this vital resource necessitate innovative and diverse solutions that are economically viable for both consumers and producers.
Oil and Gas Strategy Advisor Choeib Boutamine affirmed to QNA that the group faces major challenges, including controlling and setting gas prices to suit the global market, as these countries currently lack the tools to determine prices.
Thus, finding an effective mechanism to control the market is necessary.
These countries, holding 69 percent of the world’s gas reserves, are unable to control the market, especially with fierce competition coming from the US, which has become the leading LNG exporter to Europe in the last few years, he added.
Technology is very important.
Finding compatibility in technological exchange among these member countries is delicate, yet beneficial.
For example, the US possesses highly advanced technology in natural gas extraction.
This leap has made a significant difference for the US, achieving remarkable figures and capturing leading positions in global energy rankings, he continued.
Similarly, Research Director at the Algerian Petroleum Institute Mohamed Khodja explained to QNA the current challenges facing the GECF, emphasising the importance of an understanding amongst members to produce accurate analyses of the overall energy market and the gas market in particular for beneficial outcomes, and the tense security situation in strategic areas of the world, which hinders the movement of ships, not to mention the climate change and environmental problems, and gas emissions, albeit to a lesser extent than other energy sources.
