The Gas Exporting Countries Forum (GECF) Secretary-General Dr. Yury Sentyurin considers Qatar to have a competitive advantage and flexible cost compared to other Liquified Natural Gas (LNG) producers, commenting that reducing operating costs by 30% and the low cost of production enable Qatar projects to be easily absorbed into the market.
In an interaction with the regional newspaper Lusail, Dr. Sentyurin stated Qatar’s expansions enable it to meet the growing global demand for low carbon fuel. He also highlighted that the state is in a strong position and many international companies have expressed their desire to take part in projects to increase gas production in the country.
Referring to Qatar’s announced plans to increase annual LNG production from 77mn tonnes to 110mn tonnes by 2025 and 126mn tonnes by 2027, Dr. Sentyurin was optimistic in saying that by the time of the expected start of these projects, the world will have recovered from COVID-19.
He also stressed that continued investment in the natural gas industry is needed to promote the flow of natural gas from surplus countries to those suffering from deficits.
Dr. Sentyurin anticipated that the demand for gas in the long term will be strong enough to absorb the additional supplies, pointing out that Qatar has announced the continuation of expansion plans according to the announced schedule.
The Secretary-General of the Gas Exporting Countries Forum pointed out that the GECF member countries have succeeded in facing market shocks, thanks to their competitive advantage over new exporters and their commitment to ensuring a sustainable supply of LNG.
On the State of Qatar’s hosting the sixth summit of heads of state and governments of the GECF in late 2021, Dr. Sentyurin appreciated the initiative of the country’s leadership. This is an initiative that was welcomed and approved by the twenty-first ministerial meeting held last in Moscow. Currently, work is underway to develop a comprehensive road map to prepare for the summit and its agenda.
He pointed out that the summit, which is held every two years, aims to provide a platform for policies and decision-makers to hold dialogue on the latest developments and trends in the gas industry worldwide, and therefore its agenda includes promising discussions, energy shifts and the achievement of the 2030 sustainable development goals.
