The 25th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) was held on 10 October 2023 in Malabo, the Republic of Equatorial Guinea. His Excellency Antonio Oburu Ondo, Minister of Mines and Hydrocarbons of Equatorial Guinea, chaired the meeting in his capacity as President of the GECF Ministerial Meeting for 2023.
2. The Ministerial Meeting emphasised the GECF’s steadfast objective of supporting the permanent sovereignty of its member countries over their natural resources, with the view to independently and sustainably plan, develop, manage, utilise, and conserve their natural gas resources for the benefit of their citizens.
3. The GECF member countries have a prominent role in the energy landscape, collectively representing 70% of global natural gas reserves and 42% of marketed natural gas.
Celebrating its silver jubilee, the Meeting was attended by energy ministers and senior officials from member countries Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, UAE, and Venezuela. Additionally, representatives from observer countries Angola, Azerbaijan, and Mozambique participated. Notably, dignitaries from guest country Mauritania, as well as representatives from the intergovernmental organisation APPO, were also present at the opening session.
4. The Ministerial Meeting extended its deepest condolences and expressed its profound sympathy to the leadership and citizens of Libya in the wake of the devastating floods that claimed numerous lives and disrupted livelihoods.
5. In his opening remarks, HE Minister Antonio Oburu Ondo said: “We gather at a crucial moment as the world tackles the energy trilemma of security, sustainability, and affordability. Natural gas, as the cleanest hydrocarbon, provides a balanced solution. It remains central to the future energy landscape, driving economic growth, social progress, poverty alleviation, and environmental protection.”
6. The Ministerial Meeting welcomed the Islamic Republic of Mauritania into the GECF as its newest member, and extended its best wishes to the leadership and the people of Mauritania as they embark on their journey as an LNG exporter. This expansion represents a significant achievement in the Forum’s strategy of outreach, dialogue, and cooperation.
7. It also took note with satisfaction of the recent signing of Memoranda of Understanding with the Latin American Energy Organization (OLADE) and the International Gas Union (IGU).
8. Reiterating the crucial importance of collaboration among member countries, the Meeting stressed the GECF’s unwavering support for constructive and enhanced dialogues between producers, consumers, and relevant stakeholders, with the objective to ensure demand and supply security. It also underlined the need for open and transparent gas markets, with unhindered access and non-discriminatory functioning.
9. Examining recent short-term gas market developments and immediate prospects, the Ministerial Meeting noted with satisfaction the continued growth in natural gas demand, and number of LNG importing countries, and despite a mild winter season, expanded renewable and nuclear energy output, and policy-driven demand reduction measures in some countries. It also recognised the resilience of global gas supply, as well as the sustainable gas output of GECF member countries, which contributes to strengthening global energy security. While prices have markedly softened in comparison of last year’s summer levels, and volatility has declined, gas markets will nevertheless continue to be tight should the upcoming winter be colder than normal in the Northern Hemisphere. The Ministers also noted that in the medium term, market tightness will begin to ease after 2025 when the majority of new LNG projects are set to be commissioned, with GECF member countries spearheading this expansion.
10. The Meeting took note of the updated version of the GECF Global Gas Outlook 2050, which foresees a sustained increase in primary energy consumption over the next three decades. This growth is underpinned by a rising global population and a doubling of the global economy's size by 2050. The Outlook projects a natural gas consumption increase by 36% and anticipates natural gas's contribution to the global energy mix from the current 23% to 26% by 2050. This leadership position establishes it as the dominant energy source, surpassing coal, oil, and even renewables, despite the latter being the fastest-growing energy sector during this period.
11. The Meeting welcomed the efforts of GECF member countries in reducing gas flaring, methane emissions, and the carbon footprint of natural gas operations. It also underscored the crucial role of technology in making natural gas even cleaner, such as carbon capture, utilisation, and storage, as well as low-carbon hydrogen and ammonia.
12. The Ministerial Meeting resoundingly affirmed its unwavering support for African nations in their resolute pursuit of eradicating energy poverty, recognising the profound urgency of this mission in the face of grim statistics. It is a stark reality that over 600 million individuals in Africa still lack access to electricity, while more than 970 million do not have access to clean cooking. Moreover, the Meeting underscored the pressing role of the United Nations Sustainable Development Goals (UN SDGs) and the imperative of implementing them in a comprehensive and harmonious manner, considering their economic, social, and environmental dimensions. This holistic approach resonates with the concerns highlighted in the recent UN SDG progress report, which regrettably reveals that nearly half of the targets are behind schedule.
13. The Meeting also asserted the essential role of investment and the necessity of fostering an environment that encourages unrestricted investment and promotes financial cooperation across continents. It also emphasised the importance of ensuring equitable access to all technologies. These actions are instrumental in safeguarding the stability of both energy demand and supply, taking into account national circumstances, capabilities, and priorities.
14. In this context, the Meeting cautioned against misguided calls to halt natural gas investment. Such actions could lead to supply shortages, inflated prices, and a potential return to coal, as seen in 2022, undermining emission reduction objectives.
15. Furthermore, the Meeting reiterated the crucial significance of safeguarding critical gas infrastructure, both on a national and international scale, to facilitate the seamless flow of natural gas. It underscored the imperative of protecting these facilities from natural disasters, technological mishaps, man-made threats, and deliberate attacks.
16. The Meeting conveyed profound support for the United Arab Emirates, the host for COP28, for its exemplary preparations for the forthcoming UN Climate Change Conference. It stressed the need to highlight the significance of orderly, just, and equitable energy transitions that leave no one behind. It reemphasised the pivotal role that natural gas plays in meeting climate targets, eradicating energy poverty, and the attainment of UN SDGs. Additionally, it expressed its support for the GECF’s COP28 pavilion and called upon member countries to partner and actively participate in the programmes organised at the pavilion during the COP28.
17. The Ministerial Meeting considered the Management Report presented by HE Eng. Mohamed Hamel, Secretary General, and then adopted the financial report for 2022, the 5-year working plan, and the 2024 programme of work and budget.
18. The Meeting expressed satisfaction with the significant progress at the Gas Research Institute (GRI), highlighted by the ratification of the GRI Headquarters Agreement on 29 July 2023, in Algiers.
19. The Ministers expressed their satisfaction also with the progress made by the People’s Democratic Republic of Algeria in the preparations for the 7th GECF Summit of Heads of State and Government, to be held in Algiers on 2 March 2024.
20. The Ministerial Meeting appointed HE Eng. Javad Owji, Minister of Petroleum of the Islamic Republic of Iran, as President of the Ministerial Meeting for 2024, and HE Rt. Hon. Ekperikpe Ekpo, Minister of State Petroleum Resources (Gas) of the Federal Republic of Nigeria, as Alternate President for the same period. Furthermore, the Ministerial Meeting appointed Sheikh Mishal bin Jabor Al-Thani, the Executive Board member from the State of Qatar as the Executive Board Chairman for 2024, and Mr Agustin Mbá Okomo, the Executive Board member from the Republic of Equatorial Guinea as the Alternate Chairman of the Executive Board for the same period.
21. The 26th GECF Ministerial Meeting will convene in the Islamic Republic of Iran, in the last quarter of 2024.
The Ministers and Heads of Delegation voiced their appreciation for His Excellency Teodoro Obiang Nguema Mbasogo, President of the Republic of Equatorial Guinea. They also extended their sincere gratitude to HE Antonio Oburu Ondo for leading and navigating the GECF under Equatorial Guinea’s Presidency, and finally for the Government and the people of Equatorial Guinea for their warm hospitality and excellent arrangements.