The meeting of the Executive Board (EB) of the Gas Exporting Countries Forum (GECF) was held on 12-13 October under the Alternate Chairmanship of Sheikh Mishal bin Jabor Al-Thani, EB Member of Qatar in the format of a videoconference. The event was devoted to several essential features pertaining to the functioning of energy markets, organisational matters of the 18-nation Forum, as well as to review progress on the upcoming GECF events of 23rd Ministerial Meeting and the 6th Summit of Heads of State and Government.
This EB Meeting of the leading gas producing countries’ Forum came at a crucial time with the anticipated COP26 now weeks away and different parts of the world facing an energy crunch due to economies picking up pace after the pandemic-led slowdown of 2020.
The EB Meeting enjoyed the participation of Executive Board Members of Algeria, Bolivia, Egypt, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela. Azerbaijan, Iraq, Malaysia, Norway, and the UAE joined with their status as Observers.
Kicking off the proceedings, HE Yury Sentyurin, Secretary General of the GECF referred to the emerging hope that the world is finally out of the worst of the COVID-19 outbreak. “A ray of light now shines brighter on the horizon – brighter than it has since March 2020 – with an increasing number of global population now inoculated against the coronavirus and countries embarking on reopening of their borders and economies. Nevertheless, the situation remains far from ideal and we remain in the twilight zone of cautious optimism.”
The chief executive of the Forum then presented the customary Management Report, which highlighted the key activities of the GECF Secretariat since the last EB Meeting in July 2021. The EB Members lauded the Secretariat’s efforts and achievements, outlined in the Report for its array of achievements.
“it’s with sincere satisfaction for me to received reciprocity from the Member Countries – the Secretariat receives increasingly more invitations from Energy Administrations to attend an event or support an initiative. This positive dynamic explicably showcases that our organisation serves to its purpose and I would like to extend a word of appreciation to you for building and maintaining this bridge between the Forum and your Governments,” HE Yury Sentyurin addressed the gathering.
In the session devoted to GECF’s main deliverables of the GECF Global Gas Outlook 2050 (GGO), GECF Annual Short-Term Gas Market Report (ASTGMR), and GECF Data Exchange Mechanism (DEM), progress was noted on several fronts.
The ASTGMR, a compendium of short-term factors shaping the gas market, reflects the extreme trends that have symbolised 2021 so far. It includes economic recovery, strong demand for gas, gas and LNG prices at record levels, atypical cold temperatures in winter and warmer than average temperatures in summer and massive vaccination programmes. The ASTGMR’s 2021 edition is expected to be unveiled to public next month.
The GGO, a coveted annual flagship report featuring multiple contexts on gas’ growth, is now underpinned by very strong analytical effort on new scenarios, such as the Energy Transition Scenario, Hydrogen Scenario, to name a few. The latest findings will be launched in the 6th edition of the GECF Global Gas Outlook 2050 on the sidelines of the upcoming 6th GECF Summit of Heads of State and Government.
Details about data exchange, a hallmark of GECF and one of the primary reasons for the Forum’s establishment, came under the review in the agenda item on Data Exchange Mechanism. As part the DEM, the Secretariat develops 12 monthly, four quarterly, and 12 annual publications to enrich the understanding of GECF Member Countries.
“Going back to 2018, in terms of statistical publications, the Forum was producing only the Annual Statistical Bulletin. Today, the Secretariat is not only proud to be working on the ASB that intend to be released on the 23rd Ministerial Meeting, its 5th Anniversary Edition, but it is also important to highlight that we jump from 1 to 29 scheduled publications to be produced in 2021” emphasised the Secretary General.
Progress on the GECF Gas Research Institute, the latest initiative of the Forum, also came under examination.
Several items on the agenda formed the breadth of discussions over a span of two days, including Rules & Procedures for the EB Consultation Process, Amendment on the Technical and Economic Council (TEC) Rules of Procedure, and Internal Auditing Report. The EB Members reviewed the proposal to establish a legal support team as well as matters related to recruitment.
The status reports on the upcoming 23rd GECF Ministerial Meeting and the 6th GECF Summit were commended by the gathering. The former is being hosted by Bolivia on 16 November 2021 and the latter – by the State of Qatar in mid-February 2022.
The EB decided to hold its next meeting on 9-10 March 2022.
The Executive Board is a governing body of the GECF, second only to the supreme authority vested in the Ministerial Meeting. It directs the operational affairs of the Forum, implements the decisions of the Ministerial Meetings, and considers the yearly Programme of Work of the Secretariat for further approval by the Ministerial Meeting, in accordance with the GECF Statute, Long-Term Strategy, and the 5-Year Working Plan.