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Oil, gas to meet half of global energy needs by 2050: Paknejad
He called the GECF Ministerial Meeting one of the most significant events in the global gas industry, providing an opportunity for members and experts to exchange ideas and strengthen cooperation, Shana reported.
Paknejad also welcomed newly appointed ministers from Bolivia, Egypt, Equatorial Guinea, Libya, Russia, Venezuela, Mauritania, Peru, and Senegal.
The minister highlighted the need for balanced energy policies and warned against a rushed transition from fossil fuels to non-fossil alternatives.
“Attempts to eliminate or replace fossil fuels are unrealistic and pose a threat to global energy security,” he stated.
The minister also underscored the growing role of natural gas in meeting global energy demands, with the GECF forecasting that it will account for 26% of the global energy mix by 2050. However, he cautioned that achieving this goal requires substantial investment in the natural gas sector, particularly in the face of current energy policies and ongoing global challenges.
Paknejad highlighted the importance of increasing investments in natural gas infrastructure to ensure long-term global energy stability.
Iran, one of the world’s leading natural gas producers, has made significant progress in expanding its gas production capacity despite sanctions, he said, noting that Iran’s natural gas production has reached 275 billion cubic meters per year, with gas now constituting over 70% of the country’s energy mix.
He reaffirmed Iran’s commitment to developing sustainable, environmentally friendly methods for natural gas extraction and utilization. “We are determined to lead in advancing technologies that enhance the efficiency of gas extraction while minimizing environmental impact,” Paknejad said.
Paknejad concluded by highlighting the importance of continued dialogue and cooperation among GECF member states to address the challenges facing the global energy market.
“The GECF has the will and readiness to play a more effective role in the global gas and energy markets,” he said.
Also, Mohamed Hamel, the secretary general of the Gas Exporting Countries Forum (GECF), speaking at the event highlighted the organization’s growth and future goals.
The secretary general reflected on the GECF’s origins in Tehran in 2001, where the organization was founded as a global platform for natural gas cooperation.
Hamel noted the remarkable growth in global natural gas demand, which has surged by 70% since the GECF’s creation.
He added that natural gas consumption reached record levels in 2023 and is expected to increase by 34% by 2050.
“The importance of natural gas as a clean, reliable, and flexible energy source has never been more evident,” Hamel said, reiterating the GECF’s mission to promote natural gas as a key element in sustainable development, energy, and food security.