Rédaction Africa Links 24 with Jean-Jacques Cornish
Published on 2024-03-03 21:57:25
The recent summit in Algiers brought together leaders of gas-exporting countries to affirm their sovereignty over their reserves and their commitment to promoting gas as an affordable, accessible, sustainable, and secure energy source. The Gas Exporting Countries Forum (GECF), consisting of 20 member countries, met following the COP28 conference in Dubai, which emphasized the need to transition away from fossil fuels by 2050 for the sake of planetary survival.
In the Algiers Declaration, gas was highlighted as the cleanest option in the transition to sustainable fuels. The forum also launched the Gas Research Institute to focus on developing gas with lower carbon and methane emissions. Senegal was granted observer status at this gathering, becoming the 20th member of the GECF, which was established in 2001 and headquartered in Qatar.
Often referred to as the Opec of gas, the GECF does not aim to control the price of its commodity, unlike Opec. Member countries of the GECF collectively hold 72% of the world’s natural gas reserves and account for 44% of global natural gas production. The United States, despite being the largest exporter of liquefied natural gas, is not a member of either the GECF or Opec.
One notable absence at the summit was US President Joe Biden, while Iranian President Ebrahim Raisi and other heads of state were welcomed by Algerian President Abdelmadjid Tebboune. Raisi criticized sanctions that hinder GECF members from fully benefiting from their gas reserves. Meanwhile, Russia’s energy minister did not address the sanctions imposed on his country since its conflict with Ukraine, which has affected Russian gas exports to Europe.
Algeria, a prominent member of the GECF, is working to fill the gap left by the decline in Russian gas exports to Europe. The country has established pipelines to Italy and Spain through Tunisia and Morocco, with plans for further pipelines from Nigeria to increase capacity into Europe. Delegates at the summit were informed that global natural gas sales are expected to rise by 34% this year, increasing its share of the international energy mix to 26%.
Qatar, once the largest exporter of natural gas before being surpassed by the US, has halted shipments along the Red Sea due to piracy issues by Houthi rebels in Yemen. This has impacted shipping traffic through the Suez Canal, leading to a significant decrease in revenue and posing challenges for the European market. The Algiers draft discusses plans to ship liquefied natural gas to new markets, with South Africa being a potential target due to its energy needs and interest in alternative sources.
Overall, the summit highlighted the importance of stability and a reliable energy supply for economic prosperity and attracting international investment. The discussions at the GECF meeting underscored the significance of natural gas in the global energy landscape and its potential role in achieving sustainable development goals.
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