Home Energy Gas producers move to strengthen position amid falling oil prices

Gas producers move to strengthen position amid falling oil prices

Major gas producing countries across the world are coming together to consolidate in a formidable bloc to maximize their natural gas resources via enthronement of a stable and reliable gas market as global oil prices continue to tumble.
The producers are uniting under the auspices of the Gas Exporting Countries Forum (GECF) a 15- year old forum which had its inaugural session in Tehran, Iran and was attended by governments of Algeria, Brunei, Indonesia, Malaysia, Oman, Qatar, Russia, Turkmenistan and Norway in May, 2001.
A few years later, countries like Nigeria, Trinidad and Tobago, Bolivia, Egypt, Equatorial Guinea, United Arab Emirates and Venezuela, as well as Iraq, and the Netherlands as Observers joined the Forum.
The central mission and objective of the Forum from inception in accordance with the statute is to support the sovereign rights of member countries over their natural resources and other abilities “ to independently plan and manage the sustainable, efficient and environmentally conscious development, use and conservation of natural gas resources for the benefit of their peoples”.
Nigeria with proven gas reserve of over 187 trillion cubic feet is seeking alternative markets for its LNG against the backdrop of growing competition amid declining demands from hitherto reliable off-takers in the Asia pacific zone as well as the US.

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