A new opportunity is opening for Central Europe’s energy supply, and within it for its...Comments Off on Opportunities and challenges for Central Europe’s gas supply
70 per cent of the world’s proven natural gas reserves are located in the countries which are members of the GECF.
The Gas Exporting Countries Forum (GECF) estimates that the global primary energy demand will rise by 26 per cent through to 2040, as the population grows by an additional 1.7 billion people, mostly added to urban areas in regions with the lowest energy access. At the same time, global natural gas demand is projected to increase by 46 per cent through to 2040, displacing other sources of energy in a range of sectors.
In this scenario, the GECF will play a major role as its members are the ones meeting this huge gas demand. In fact, over 70 per cent of the world’s proven natural gas reserves are located in those countries which are members of the GECF, Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela.
The GECF is a gathering of the world’s leading gas exporting countries which was set up as an international governmental organisation with the objective to increase the level of coordination and strengthen the collaboration among member countries. At the same time, Azerbaijan, Iraq, Norway, Kazakhstan, Oman, Peru and Angola have the status of Observer Members.
GECF also seeks to build a mechanism for a more meaningful dialogue between gas producers and gas consumers for the sake of stability and security of supply and demand in global natural gas markets.
Yury P. Sentyurin will speak on the first day of Budapest LNG Summit.