Young at Qatar: Gas leaders will determine future

MINISTER OF Energy Stuart Young called on the world’s leading natural gas producers at the Gas Exporting Countries Forum (GECF) summit on Tuesday to take the deliberations at the summit seriously, as decisions made theret will dictate the future of energy production for the entire globe.

“We are the leaders of this gas market and will determine what will happen with the global gas economy as it goes forward. The opportunity should not be missed by us as we reflect and strategise what the future of this world would look like,” Young said.

He told the GECF delegates the decisions made at the summit will dictate the future of natural gas industries.

“That is an important responsibility for us and all who sit in this room. The petrochemical industries, the LNG industries and the other technologies that are available are what will drive forward the future production in the globe.”

He appealed to gas leaders to not be distracted by naysayers, especially those who are not themselves producers of natural gas.

“There are many distracters who have tried and will try to persuade us and others in the world that there is no future in gas and try to shorten the future in gas, including putting parameters and trying to limit the amount of money that should be spent in future gas exploration and production.

"My cry is to ensure that the global gas markets continue well beyond 2050, for us to chart the destiny of the globe and not to allow those who are not hydrocarbon players and do not have hydrocarbon resources to dictate the development of our respective countries in this important market.”

He reminded the delegates of the world’s responsibility to balance the future of the natural gas and petrochemical markets with the reduction of carbon emissions and global climate change.

“But the balance will lie with gas,” he said. “We must put the pressure on the developed countries to fulfil their commitments and not let them take us off course.”

The GECF is a gathering of the world’s leading gas exporters. It was first convened in 2011 with the objective of increasing the level of co-ordination among gas-exporting countries and collaboration among members.

Members of the GECF, aside from Trinidad and Tobago, include Iran, Qatar, Nigeria, Libya and Russia.