GECF Secretary General speaks at 26th Caspian Oil and Gas Conference in Baku

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GECF Secretary General Dr. Sentyurin delivered the keynote speech during a ministerial panel entitled Synergy – The Path to Global Improvements; Towards Energy Security and Sustainability on the first day of the 26th Caspian Oil & Gas Conference, in the capital of the GECF member country of Azerbaijan last week.To pass his compliments to Azerbaijan’s leadership and to discuss the progress of the upcoming 5th GECF Summit and 2nd International Gas Seminar in Malabo Equatorial Guinea, HE Dr. Sentyurin met with HE Parviz Shahbazov, Minister of Energy of Azerbaijan on the sidelines of the event.In his address, HE Secretary General covered both Azerbaijan’s history and its future in the energy system. From being home to the very first industrially drilled oil well and oil pipeline to the future of the Caspian region and GECF countries in general.Dr. Sentyurin explained that according to the GECF’s Global Gas Outlook (GGO), overall demand for natural gas is set to rise in years to come, reaching 26% of the global energy mix by 2040 – the only hydrocarbon to increase its share. This is largely due to global economic growth, which is set to grow at an average pace of 3.4% on average for the forecast period from 2018 to 2040. He explained that most of this growing demand will come from the Asia-Pacific region, and mainly from China and India, but that Europe would continue to be an attractive market. From a sectoral perspective, the power generation, industry, and transport sectors are projected to be the biggest contributors to the incremental gas demand, accounting for almost 65% of the total demand in 2040. The transport sector is set to be an important emerging sector, with an overall increase that will reach 357 bcm in 2040. When zooming in on Europe, HE Secretary General said the GGO forecasts an overall decline in energy use,…

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