The second Gas Exporting Countries Forum (GECF) International Gas seminar held last week announced that Nigeria and other African countries will increase their presence in the global energy sphere. Africa will contribute as much as 9.2 percent to global natural gas production by 2040.
By more than doubling their natural gas production by 2040, Africa’s natural gas producers will alter the global energy supply mix in the process.
This will result in an expansion from 255 Billion Cubic Meters (BCM) to more than 505 BCM and corresponding to a compound average annual growth rate of 3.4 percent.
The seminar focused on facilitating knowledge transfer, improving regional collaboration and creating a dialogue on global gas issues among the world’s leading gas producers. The seminar stated that global natural gas use should be double by 2050. This will replace traditional fossil fuels thereby facilitating an energy transition towards sustainable development.
According to the GECF’s Global Gas Outlook Model accessed by The Nation, natural gas will be the only hydrocarbon source to increase its share in the global energy mix, remaining the fastest-growing fossil fuel.
The Outlook said GECF member countries currently represent 71 percent of natural gas reserves, 44 percent of marketed gas production, 55 percent of pipeline gas trade and 53 percent of LNG trade globally.
Commenting on the Outlook, GECF Secretary General Yury Sentyurin said: “Our main message is that natural gas is the destination fuel and will play a central role in energy transitions.
“We will continue to defend the position of the Forum on benchmark prices, stressing that oil indexation is still the optimum choice for buyers and sellers of gas.”
Minister of Mines and Hydrocarbons of Equatorial Guinea, Gabriel Mbaga Obiang, also said: “Natural gas will continue to be in demand and will help us meet the objectives of sustainable development and the energy transition for our country, for Africa and for the world.”
He said Guinea was already working on the gradual implementation and exploration of various gas fields.