Natural Gas is the Fastest Growing Energy SourceGeneral Secretary of the Gas Exporting Countries (GECF) in his Opening Speech drawing a bright future for this International body while welcome to joining new members and said that the natural gas is considered to be the fastest growing source of energy in the world
General Secretary of the Gas Exporting Countries (GECF) in his Opening Speech drawing a bright future for this International body while welcome to joining new members and said that the natural gas is considered to be the fastest growing source of energy in the world
According to GECF Organization, Yury Sentyurin continued: The average global gas consumption has grown steadily by 1, 8% per year for the past 8 years and it is in fact the fastest growing energy source apart from renewables challenging the status-qu.
So, now we are witnessing a time that is both challenging and exciting. Market dynamics are changing, with new players entering gas markets particularly multiple traders, a high influx of LNG exports coming on stream over the next few years and an increased demand coming from industries, even surpassing the demand for power generation.
He reiterated: In this region specifically, positive developments are seen quite explicitly. Our host country particularly has done an outstanding job of monetizing its gas assets. Local gas production has reached its highest point in years and this trend is expected to continue. The unwavering efforts of HE the Hon. Dr. Keith Rowley and HE the Hon Minister Khan, are reflected in the 10+ billion dollar investments that will be injected into the country by international energy companies over the next 5 years.
It is worth mentioning the energy pact that has been signed between Venezuela and Trinidad and Tobago as well. This is a distinct example of a mutually beneficial cooperation amongst GECF member states. I would also like to note Bolivia and Peru on not only the continued collaboration between themselves, but also with other member states such as Algeria.
In the end, he said: I would like to take this opportunity to say that it is a pleasure and an honor to be a part of such a meaningful organization and I am looking forward to further collaborating with all of you and I would like to thank you all for your steady and incremental support and confidence.