Yet-to-find (YTF) resources will contribute to around 30% of the total production of natural gas worldwide by 2050, according to Yury Sentyurin, the Secretary General of the Gas Exporting Countries Forum (GECF). According to Sentyurin, around 80% of the natural gas production by mid-century will stem from new projects, highlighting the importance of continued investment in upstream.
Senturin made his remarks during the 25th Oil & Gas of Turkmenistan Conference.
This means that the current level of proven reserves is not adequate to furnish the rising demand around the world.—Secretary General Sentyurin
As a holder of the fourth-largest volume of gas reserves worldwide, Turkmenistan has been unlocking the potential of natural gas, leading to an 11.5% average economic growth rate between 2000 and 2019, continuously expanding domestic gas production, attracting investors, and enhancing knowledge and technologies exchange.
To this end, the GECF Secretary General reiterated the GECF’s readiness to support the Turkmen industry as it undergoes transformation on the back of the future energy trends, digitalization, and climate action.
Sentyurin also acknowledged the role of Turkmenistan as one of the founders of the Forum, the 20 member countries of which today represent 71% of proven gas reserves, 45% of its marketed production, 53% of pipeline, and 60% of LNG exports across the world.
According to the latest available figures from the GECF Global Gas Outlook 2050, natural gas production in the Central Asian Republic is set to increase by 78% to reach the level of more than 141 billion cubic metres (bcm) by 2050, at a remarkable annual growth rate of 1.9%.
Important projects in the offing include the Turkmenistan-China pipeline enhancement, TAPI (Turkmenistan-Afghanistan-Pakistan-India), and others.
Beyond Turkmenistan, the GECF projections forecast expansion of natural gas production by more than 50% between 2020 and 2050, despite facing a stymied growth in the short- and medium-term due to the impact of COVID-19. It will see production rise across all regions of the world, with the exception of Europe, where it will decline by 70% by 2050. North America and Middle East will retain their position as the largest expanders of gas production.
The two-day Oil and Gas of Turkmenistan 2020 conference was organized by the Government of Turkmenistan and attracted the participation of regional and international energy companies, including CNPC, Dragon Oil, SOCAR, ENI, ARETI, Schlumberger, Hyundai, among others.
The Gas Exporting Countries Forum is an international governmental organization of 20 Member Countries—Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela, Angola, Azerbaijan, Iraq, Kazakhstan, Malaysia, Norway, Oman, Peru, and the United Arab Emirates—which jointly control 71% of the proven gas reserves, 45% of its marketed production, 53% of pipeline, and 60% of LNG exports across the globe. It is headquartered in Doha, Qatar.