Rising natural gas prices mark new edition of the Gas Exporting Countries Forum

This is the sixth presidential meeting of the Gas Exporting Countries Forum (GECF) since it was established in 2001. The talks began last Sunday at the Sheraton Grand Doha Resort in Qatar and will continue until Tuesday. Achieving an increase in natural gas production in the medium term is the main issue to be addressed during these meetings.

Mohamed Hamel, secretary general of the GFEP, argues that this new edition "represents a historic moment" and that the meetings will determine the future of the institution "because it is the space that brings together its various members". The Qatari news agency QNA announced that, after a preparatory meeting, the Forum's energy ministers will meet on Monday.  

On Tuesday, the summit of the heads of state and government of the eleven member countries of the group will take place. Algeria, Bolivia, Egypt, Iran, Libya and Russia are some of these nations. All of them account for more than 70% of the world's gas reserves. Others such as Malaysia, Norway, Peru and the United Arab Emirates have Observer Member status.

A professor at the School of Political Science in Paris, Thierry Bros, believes that the leaders of these countries will demand that Europe cannot commit to orders placed without a long-term contract. The EU is reluctant to sign agreements longer than 10 years.  

The FPEG is an international governmental organisation that promotes the exchange of experience and information between member countries. It also seeks to create an environment for dialogue between gas producers and consumers. The Summit is the main event held by the Forum and is held every two years.  

It enjoys a strong position in the world energy markets and is one of the most important energy organisations on the international scene. The most recent editions were held in Malabo, Equatorial Guinea (2019); in the Plurinational State of Bolivia (2017); and in Tehran, Islamic Republic of Iran (2015).  

The meetings coincide with a time of growing energy demand, which has intensified due to the geopolitical crisis between Russia and Ukraine. The EU's energy stability is seriously threatened in the event of a Russian invasion of Ukrainian territory. The European continent would be forced to issue a sanction to Moscow and the Kremlin's response could be to cut off its gas supplies.  

More than 45 per cent of the gas consumed in Europe comes from Russian reserves. European Commission President Ursula von der Leyen and US President Joe Biden made a joint statement pledging to deepen energy cooperation between the two countries and to foster contacts with other natural gas suppliers such as Qatar, Egypt and Nigeria. 

It is not yet known whether Vladimir Putin will attend the meeting. Other leaders such as Ebrahim Raïsi, president of Iran; Abdelmadjid Tebboune, leader of Algeria; Obiang Nguema Mbansogo, head of state of Equatorial Guinea; and the Venezuelan delegation have confirmed their attendance. 

Equatorial Guinea has some of the largest natural gas reserves in Africa. Equatorial Guinea has made considerable progress in expanding its gas sector. The Equatoguinean government has developed a series of projects that aim to position the country as a regional natural gas hub.  

The Ministry of Mines and Hydrocarbons promoted a new Mega Hub designed to take advantage of untapped national resources located offshore. It has also laid the groundwork to boost its industrial and economic development through the large-scale commercialisation of natural gas.