Speaking at the 25th Oil and Gas of Turkmenistan Conference, Gas Exporting Countries Forum (GECF) Secretary-General Yury Sentyurin remarked that the untapped natural gas resources will contribute to around 30 percent of the total production of natural gas worldwide by 2050.
“Natural gas is a viable energy option that contributes efficiently to achieve a balance between the environment, social, and economic dimensions of sustainable development. It reduces carbon intensity and pollution resulting from energy-related activities, supports access to modern energy, improves availability and reliability of supply, and provides competitive and affordable energy.” Mr. Sentyurin observed.
Emphasizing the impact of continued investment in upstream, the GECF Secretary-General pointed out that around 80 percent of the natural gas production by mid-century will stem from new projects.
“This means that the current level of proven reserves is not adequate to furnish the rising demand around the world,” said Mr. Sentyurin.
Turkmenistan, the fourth-largest volume of gas reserves worldwide has been unlocking the potential of natural gas, leading to an impressive 11.5 percent average economic growth rate between 2000 and 2019, continuously expanding domestic gas production, attracting investors, and enhancing knowledge and technologies exchange.
“The Forum’s expertise and collaborative assistance could be exceedingly instrumental in furthering gas industry expansion, advancing much-needed energy security, diversifying supply routes, and helping bolster local industry while benefitting the citizens of the country,” the GECF remarked.
The 20-member Gas Exporting Countries Forum represents 71 percent of proven gas reserves, 45 percent of its marketed production, 53 percent of the pipeline, and 60 percent of LNG exports across the world.
The latest figures from GECF’s Global Gas Outlook 2050 propose that the Central Asian Republic’s natural gas production is expected to increase by 78 percent to reach the level of more than 141 billion cubic meters (bcm) by 2050 at a remarkable annual growth rate of 1.9 percent.
Major projects in the offing include the Turkmenistan-China pipeline enhancement, Turkmenistan-Afghanistan-Pakistan-India (TAPI) and others.
“More than 100 bcm of this expansion will be sourced from the new projects and the GECF has a lot to contribute to the success of these,” Mr. Sentyurin answered.