A Review of the Nigerian Energy Industry

Gas exporting countries bemoan volatility of energy market

23 December 2014, Lagos – Gas exporting countries in the world, under the aegis of the Gas Exporting Countries Forum (GECF) has decried the current volatility of the energy market, blaming the crisis on economic and geopolitical developments around the world.

Speaking at a special session of the 16th Ministerial Meeting of the organisation held recently at Doha, Qatar, the Minister of Energy and Industry of Qatar, Dr. Mohammed Bin Saleh Al-Sada charged the member countries to be on the alert and keep monitoring the expected challenges of the gas market.

Diezani Alison-Madueke
Mrs. Alison-Madueke

Al -Sada described GECF as a platform for cooperation, adding that “its existence and the success achieved so far is a reflection of its members’ determination to cooperate.”

He urged them to ensure that the mutual understanding of cooperation is extended further to enable them face the future challenges.

“We do hope the benefits of cooperation and collaboration among GECF member countries would be reflected on the global industry in a way that contributes in realising the interest of all concerned factors,” he said.

Also speaking, the Secretary General of GECF, Mr. Seyed Mohammad HosseinAdeli said the meeting became very important in view of the prevailing situation in the gas market.
According to him, recent developments in the global gas market are shaking the dynamics of the market.

The 16th Ministerial Meeting of the GECF was convened in Doha, Qatar, and chaired by Al-Sada, Minister of Energy of Qatar, and Head of Delegation of Nigeria, as Alternate President.

It was attended by ministers from Algeria, Iran, Libya, Qatar, Russia and UAE and Heads of Delegations from Bolivia, Equatorial Guinea, Egypt, Nigeria, Peru, Trinidad and Tobago and Venezuela as well as Netherlands, Norway and Oman as observers.

The Chairman of the Executive Board, and Secretary General as well attended the meeting.

According to the communiqué, the meeting “discussed the global gas market report presented by the Secretary General, which covered the latest developments in the energy marketing general and in the gas market in particular, including but not limited to: short term trend of supply and demand for natural gas worldwide and in specific regions and countries, the evolution of LNG trade across the regions, developments of the gas prices”.

They assessed the complexity and dynamics of the global natural gas market in the short, medium and long term.

The meeting reiterated the need to monitor the challenges facing the gas industry and the Secretariat will continue the evaluation of developments occurring in the energy market with a focus on the supply and demand.

The ministers acknowledged and commended the recent activities and initiatives by the Secretariat including the global gas model.

They also approved Peru as the new observer member of GECF.
The ministers appointed Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison Madueke, as President of the Ministerial Meeting, and Mr. Mohamed M. Oun, Deputy Vice Prime Minister for Energy, the State of Libya as Alternate President.

It was also decided that the 17th Ministerial Meeting of the GECF will be convened in Abuja, Nigeria, in 2015.

The ministers expressed their appreciation to His Highness Sheikh Tamim Bin Hamad Al-Thani, Emir of the State of Qatar.
The ministers also expressed their appreciation to Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of the State of Qatar, and to the Government of Qatar for their hospitality and excellent arrangements made for the meeting.

– This Day

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