The liquefied natural gas (LNG) is the fastest-growing hydrocarbon in the world and its two biggest proponents, the Gas Exporting Countries Forum (GECF) and International Group of Liquefied Natural Gas Importers (GIIGNL) have met to align strengths and review the challenges and opportunities.
The meeting in Paris held by HE Yury Sentyurin, GECF Secretary General and Mr Vincent Demoury, GIIGNL General Delegate took into account the changing face of the LNG industry in the aftermath of the COVID-19 pandemic.
HE Sentyurin presented a general overview of the GECF’s work, particularly in the area of forecasting and environmental stewardship. He highlighted the flagship GECF Global Gas Outlook 2050 for its array of evidence-based scenarios as an example of the wide-ranging forecast reports of the Forum.
In respect to climate action, HE Sentyurin shared details of the GECF Environmental Knowledge and Solutions framework, which was instituted to reorient the global energy system towards sustainability by sharing research, collaborating with international partners on energy technologies, harnessing innovation, strengthening synergies, and rallying exchange of expertise on the international level for the ultimate benefit of the entire planet and all of humanity.
On the resilience and prospects of LNG, HE Sentyurin noted that LNG trade was the only segment of gas industry to grow in 2020, adding that latest GECF estimates show a rebound of around 6.5% (23 mt) in 2021, driven mainly by a recovery in lost LNG supply from the market last year, and 5-6% (20-21 mt) in 2022, supported with the ramp up of the commissioned LNG facilities, lower maintenance and improving feedgas supply.
For his turn, HE Demoury expanded on GIIGNL’s mission of stable and secure LNG imports by providing its members with overviews of the general economic condition of the LNG industry and current, state-of-the art LNG technology, operations and best practices.
According to him, GIIGNL members share information about commercial and technical developments in LNG, including safety incidents at member facilities.
HE Sentyurin commended the forecasting work of GIIGNL and proposed to consolidate efforts where applicable. The official also registered the Forum’s interest in supporting GIIGNL’s foray into researching universal standards for measuring greenhouse gas (GHG) emissions.
The two sides agreed to continue regular contacts and fulfil practical steps with the aim to lead to comprehensive cooperation.