Despite the challenges facing the energy market, the rate of growth of demand for natural gas doubled in 2015 compared to the previous year, Minister of Energy and Industry HE Mohammed bin Saleh al Sada has said.
Addressing the 18th Ministerial Meeting of Gas Exporting Countries Forum (GECF) in Doha on Thursday, Sada said the demand for natural gas grew in 2015 by 1.9 percent, more than double the rate in 2014. It is expected to continue to grow during the next year but at a lower pace.
As for supply of gas, Sada said,"The supply side developments are shaping new dynamics and trends in the markets and, as a result, are set to create a new environment of competitiveness."
He said transitional changes are happening in the energy market, especially gas market, bringing opportunities as well as challenges for the gas exporting countries.
On the role of natural gas in fighting climate change, Sada said the COP21 targets became legally binding early this month and the COP22 at Marrakesh is working to make every effort to limit average temperature increase to 1.5 degree Celsius."It is exactly in this context that we as the gas exporting countries should take the opportunity to present the case of gas as the fuel of choice and as a source of energy that can contribute to this the most," he added.
Highlighting the importance of the GECF meeting, Sada said,"It is a special one for two reasons ” firstly, because of the conditions of the market we are facing now and in the near future that require us to address it as appropriately and as early; and because of two important documents that have been made for our attention, the GECF long-term strategy and the GECF Global Gas Outlook 2040."
Sada said the long-term strategy defines the organisation's vision, mission, strategic goals and long-term objectives.
The minister said participants in the GECF meet have adopted the forums long-term 2040 strategy.