OPEC and gas counterpart GECF ink MoU to strengthen cooperation

The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) have signed a memorandum of understanding (MoU) to strengthen cooperation in research and the sharing of best practices.

Secretary General of OPEC Mohammad Sanusi Barkindo and his GECF counterpart Yury Sentyurin signed the MoU during 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. 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,” Barkindo said.

According to a joint statement from OPEC and GECF, the purpose of the MoU is to establish and strengthen cooperation in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest.

Areas of cooperation include energy market monitoring, analysis, modeling and forecasting, energy market research studies covering the short-medium- and long-term and their methodologies. The two organizations will also cooperate on energy market data and statistics, data and statistical operational topics, energy initiatives, and developments aimed at sustainability, along with environmental and social responsibility, and other areas and matters involving common interests and concerns.

In addition, OPEC and GECF may further identify any other appropriate means to further their cooperation.

It is worth noting that the Secretaries-General recognized the numerous areas of mutual interest to both organizations at their meeting on February 27. This includes the fact that they have many member countries in common.

Algeria, Equatorial Guinea, Iran, Libya, Nigeria, the UAE, and Venezuela are members of both organizations, while OPEC member countries Angola and Iraq are also GECF observers.

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