The Technical and Economic Council of the Gas Exporting Countries Forum (GECF) held its first meeting of the year on Monday, 27 February, via videoconference.
The 18th TEC meeting was chaired by HE the Secretary General of the GECF and saw the participation of Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Nigeria, Russia, Qatar, Trinidad and Tobago, UAE, and Venezuela.
In his opening remarks, HE Eng. Mohamed Hamel stated: “Given the current circumstances and the numerous challenges and uncertainties impacting the economy, trade, health, energy, environment, and geopolitics, the role of the GECF is more critical than ever before. To overcome these obstacles, it is imperative that we work diligently and strengthen our unity and solidarity, in order to transform these risks into opportunities.”
The first session of the meeting focused on the short-term gas market, with presentations on global economy, consumption, production, trade, storage, and energy prices. The TEC also received status updates on the Annual Short-Term Gas Market Report, the Monthly Short-Term Gas Market Report, and various studies, including the expansion of the global regasification capacity and recent trends in natural gas contracts.
During the second session, the TEC discussed the status of the 2023 edition of the GECF Global Gas Outlook 2050, as well as the progress of policies and regulations at the country level affecting natural gas demand. The TEC also received a status update on data initiatives, including the Annual Statistical Bulletin.
The third session included a presentation on generative artificial intelligence and potential implications and a discussion on the amendment of the TEC Rules of Procedure.
In his closing remarks, the Secretary General expressed his gratitude to the TEC members for their active participation and insightful discussions. He emphasised the importance of the TEC in providing a platform for member countries to share their views on technical and economic matters and to review relevant research work undertaken by the GECF Secretariat.