The Oil Bloc
Your first choice for oil industry news

OPEC, GECF signs MoU pact


The Secretaries-General of the Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) signed a Memorandum of Understanding (MoU) to enhance cooperation in research and sharing of best practices.

Secretary-General of OPEC, Mohammad Sanusi Barkindo, and his GECF counterpart, Yury Sentyurin, signed the MoU on the sidelines of the Russian Energy Week forum in Moscow.

“We look forward to utilize the framework we signed today in our MoU to deepen discussions, as well as undertake joint work and actions, in the interest of our members, entire industry, and the global economy”, Mr Barkindo said at the signing ceremony. “It is the mainstream consensus that oil and gas together will continue to be the fuel of choice for the foreseeable future. In fact, most projections validate that oil and gas will continue to dominate energy basket,” he added.

The purpose of the MoU is to build and strengthen cooperation to carry out activities and share views, ideas, information, experiences and best practices in areas of mutual interest.

Areas of cooperation identified in the MoU include energy market monitoring, analysis, modelling and forecasting; energy market research studies covering the short-medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics (such as methodologies of data gathering, assessment and dissemination); energy initiatives and developments aimed at sustainability, along with environmental and social responsibility; and other areas involving common interests.

You might also like

Leave A Reply

Your email address will not be published.

Translate »