BY: Dr. Hana Saada
ALGIERS- Natural gas is on track to become the fuel of the future amid a global energy transition. Gas-exporting countries within the GECF are positioning themselves on this issue, advocating for a “just” and “equitable” transition, taking into account the characteristics and needs of each country. However, the pressing question arises: how to solve the energy-economic equation with the introduction of the climate variable?
This crucial issue was addressed yesterday at the GECF energy ministers’ meeting in Algiers, tasked with adopting the draft of the Algiers Declaration, which will be presented today at the meeting of heads of state and government of member countries for approval. Although the content of this document was discussed in a closed-door session, representatives attending speeches before the meeting emphasized the need to align gas production with climate standards, a cornerstone of GECF’s new energy vision in recent years.
During a press conference held jointly with GECF Secretary-General Mohamed Hamel at the end of yesterday’s meeting, Energy Minister Mohamed Arkab highlighted the convergence of viewpoints among participants, which will be reflected in the document presented today to the heads of state and government. According to Arkab, “the meeting took place in the spirit of unity and solidarity, resulting in a convergence of viewpoints” on how to address market fluctuations on one hand and develop the gas industry through the introduction of technological solutions to meet future challenges.
Investment and Decarbonization
As a result, energy ministers from member countries focused their interventions on “the development of the gas industry, investment, cooperation, and decarbonization” to introduce new and renewable energy sources into the market. Iranian Energy Minister Javad Owji emphasized the vital and viable role of natural gas and its crucial role in the global energy transition, calling for “increased investments in the exploration and development of this resource.”
Similarly, Nigerian Energy Minister Ekperikpe Ekpo stated that “gas will play a pivotal role in the future” and called for developments in the gas industry, particularly LNG, to meet the market’s needs for clean and sustainable energy.
Algeria as a Role Model
To adapt production to new realities and the requirements of a transitioning market, GECF member countries focused on the need to reduce carbon footprint while improving production. Decarbonization thus emerges as a necessary step in the value chain of the future gas industry. In this regard, Mohamed Arkab affirmed that Sonatrach has embarked on this path by investing in “the exploitation and production of climate-friendly fossil energy.” Sonatrach has emerged as a role model for decarbonization, particularly with projects launched last year with foreign partners such as ENI, Total, and Equinor, aimed at reducing greenhouse gas emissions, particularly in gas fields targeting flare gas recovery, including 9 billion cubic meters annually going up in smoke!
There is also discussion about the development of the LNG sector, which is a highly sought-after product in the international energy market lately. The proceedings of the 7th edition of the GECF summit, concluding today in Algiers, are expected to be capped by a declaration that will serve as a guideline for gas-producing countries to stay focused on their common objectives in a constantly changing market.
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