Tehran (IP) - The Secretary-General of the Gas Exporting Countries Forum (GECF) said on Saturday that the global gas industry outlook 2050 highlights a need for investment worth over 8 trillion dollars, urging investment in this area.

Iran PressIran News: Speaking at the GECF Global Gas Outlook 2050 meeting, held on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, Iran Oil Show, Mohamed Hamel said: "Global natural gas demand has increased by 23 percent since 2011," adding, “natural gas has been the fastest-growing hydrocarbon fuel and no less than 3.3 trillion dollars were invested in natural gas infrastructure. Natural gas networks have extended into new countries and regions, and gas markets today are more global and interconnected than ever.”

The 26th International Oil, Gas, Refining and Petrochemical Exhibition kicked off at Tehran’s Permanent Fairground on May 13 and will last until Monday, May 16.

On the COVID-19 pandemic in the last two years, Hamel said: "The coronavirus pandemic – a sort of stress test for energy systems - has shown that natural gas is resilient and crucial to the daily lives of people.”

When the GECF global gas outlook was finalized in December 2021, two issues were at the forefront of the energy debate, Hamel said, “affordability as energy prices have reached relatively high levels in the second half of 2021, and climate change.”

He noted that recent developments in Eastern Europe drew renewed importance of demand and security of supply. “It is too early to assess all the implications of these developments on the future of energy systems. However, it is clear that, for natural gas, a reconfiguration of physical flows is likely to occur in the medium-term, with further expansion of LNG trade, more investments in natural gas upstream and downstream, a likely increase in supply costs and renewed interest in long-term gas contracts.”

Natural gas will play a pivotal role in alleviating energy poverty, fueling economic growth, improving living standards, and expanding prosperity whilst contributing to the protection of the environment, he stated, “With global population expected to increase by 1.9 billion people by 2050, and global GDP to more than double in real terms, humanity’s energy needs will only grow, despite energy efficiency improvements.”

Saying that there is no one-size-fits-all model, and future energy pathways will vary from one country to another, the GECF Secretary-General added, “Understandably, the energy transition in India cannot be the same as in Europe. Natural gas is the energy that fits most pathways that permit the attainment of the UN Sustainable Development Goals.”

“Investment in natural gas is critical for the stability of global energy systems,” he stressed, adding: “The Outlook projects that by 2050, total upstream and midstream investments will reach a hefty 8.7 trillion dollars.”

Iran, GECF review bilateral, multilateral cooperation


Iranian Petroleum Minister, Javad Owji, and Secretary-General of the Gas Exporting Countries Forum (GECF), Mohamed Hamel, met on Saturday and reviewed bilateral and multilateral cooperation in energy sector and the ways to expand collaboration.

The GECF Secretary-General is in Tehran attending the 26th International Oil, Gas, Refining and Petrochemical Exhibition, Iran Oil Show, which kicked off on May 13. 

Iran was among the first countries that reclaimed sovereignty over its oil resources, he said, adding Iran is a founder of OPEC (Organization of the Petroleum Exporting Countries) and enjoys one of the largest proven natural gas reserves in the globe, and has a prominent position in the energy world.

Iran was a founder of the Gas Exporting Countries Forum in 2001, and the 3rd GECF Summit was held in Tehran in 2015, which I had the honor to take part in, he stated.


Read More:

GECF Sec. Gen. Addressed Iran Oil Show Opening

Iran Oli Show 2022 kicks off in Tehran