The Gas Exporting Countries Forum (GECF), the global voice of the leading gas producing countries, today held the 15th meeting of its Technical and Economic Council (TEC), a special technical institution within the GECF whose work forms the bedrock of the Forum’s deliverables.
The first TEC meeting of Year 2022 marked several milestones: It was the first meeting for GECF’s newest member Mozambique to participate as an Observer Member since joining the GECF in February 2022. The meeting was also a first for HE Eng. Mohamed Hamel as the new Secretary General of the GECF since assuming his position in January 2022. It is also held few weeks after the successful the 6th GECF Summit of Heads of State and Government.
HE Hamel stated: “I consider TEC as one of the most important institutions of the GECF. The GECF Statute stipulates that the objectives of the Forum will be promoted through exchange of experiences, views, information, and coordination. TEC is the ideal place for such endeavour”.
The 15th TEC, held via videoconference, registered the representation of Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Russia, Qatar, Trinidad and Tobago and Venezuela, as well as Mozambique.
The TEC discussed many facets of the natural gas market in the face of rapidly-evolving geopolitical situation, distressed commodity market conditions, and uncertain prospects.
In the area of short-term gas market developments, the presentations focused on GECF’s market share in Europe and Latin America, post-COVID-19 recovery, and rising ESG trends. The discussion on long-term gas market centred on the outcome of COP26 and the run-up to COP27, the evolving European Union taxonomy, hydrogen, CCS/CCUS technologies, and methane emissions.
The TEC also received progress reports on the GECF’s annual publications, including the Short Term Gas Market Report, the Global Gas Outlook 2050, and the Annual Statistical Bulletin.
Launched in 2015, the Technical and Economic Council is a permanent specialised body of the GECF and works to provide active and effective interaction and discussion on technical and economic matters; to share the views of Member Countries on these activities, and review relevant research work undertaken by the Secretariat as required by the GECF’s Governing Bodies.