Member Corner
The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing nations, held the 14th Meeting of its Technical and Economic Council (TEC), which debated the fundamental forces shaping the gas market, as well as the development of common strategies that will provide advantage to the GECF Member Countries. The third TEC Meeting of the year 2021 was once again held virtually.
Introducing the contents of the agenda, HE Yury Sentyurin, GECF Secretary General highlighted the whole body of work that has been prepared by the Secretariat across 2021.
“Taking into consideration the continuing short- and long-term impacts of Covid-19 across the globe that are gradually reshaping whole businesses as well as the energy industries, the Secretariat has been working diligently on the preparations of studies and reports to elucidate the effects of pandemic on the gas industry, including demand and supply sides of natural gas, particularly in our GECF Member Countries,” said HE Sentyurin.
The meeting discussed a number of the GECF programmes, initiatives, and deliverables where the TEC Members provided recommendations on the implementation of enhancements, particularly on the second edition Annual Short-Term Gas Market Report (ASTGMR), the 2021 edition of the Global Gas Outlook 2050 (GGO), as well as on the Data Exchange Mechanism. The modelling processes of the Global Gas Model, which is the underpinning data driver of the GGO, and the findings of a study on “Formulating Strategies for Managing Risk of Gas and LNG Markets’ Fluctuations & Adverse Market Conditions in the GECF Member Countries”, also came under the purview of the Committee.
Furthermore, the TEC members analysed various collaborative approaches that the GECF Member Countries can adapt in the face of an industry undergoing significant transformation for the future.
The GECF’s TEC serves as the technical engine driving the work of the Forum, supporting its 18 Member Countries in making informed decisions.
Since 2015, the Council has worked as a permanent specialised body of the GECF to provide active and efficient interaction on technical and economic matters in line with the Forum’s Long-Term Strategy.