Egyptian minister: GECF, good venue for gas forecasts

Egypt’s Deputy Oil Minister Nhad Mohamad al-Kurdi said the ministerial meeting of the Gas Exporting Countries Forum (GECF) provided the best opportunity for forecasting the future of the gas market. The official, who was in Tehran for the GECF, said the member states had enough time to study the latest developments in the gas sector. Noting that natural gas is the most significant energy carrier, she said the demand for natural gas has grown because it is environment-friendly, the oil ministry's website reported. She expressed hope that GECF member states would focus their efforts on investment in gas exploration. The Egyptian official also said that GECF is different in structure with the Organization of the Petroleum Exporting Countries (OPEC), adding that the GECF member states can raise their gas production without facing any quota restrictions. GECF members account for 42 percent of the world’s gas production, 70 percent of the world’s gas reserves, 38percentof pipeline gas transmission and 85 percent of liquefied natural gas (LNG) trade. Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela, the United Arab Emirates and Oman constitute the 13 member states of GECF. The Netherlands, Kazakhstan and Norway have observer status and Iraq has recently joined the forum.