International platform: Oman is an Observer Member of the 12-nation-strong grouping
Conrad Prabhu –
Jan 2: The Sultanate of Oman, a key gas producer and exporter, is expected to attend the upcoming unveiling of the ‘Global Gas Outlook 2040’ report — a keenly awaited perspective on the role of natural gas in shaping global energy demand over the next 25 years.
The report will be presented at a special meeting of the Gas Exporting Countries Forum (GECF), an international grouping of the world’s largest gas producers and exporters, due to be held in Doha, Qatar, on January 17, 2017. Oman is an Observer Member of the 12-nation-strong grouping, which includes gas exporting heavyweights like Russia, Iran, Qatar and the United Arab Emirates.
The ‘Global Gas Outlook 2040’ project is billed as the first comprehensive and authoritative “gas-focused” global energy outlook developed by experts brought together by the world’s foremost grouping of energy exporters. It builds on the gas exporting bloc’s ‘Global Gas Model’ (GGM), a groundbreaking initiative to identify all of the countries and regions of the world and evaluate their specify demand and supply potential.
Development of the Global Gas Model began in 2011 with a mapping of the gas value chain and provides detailed disaggregation of 113 regions and countries in terms of gas supply and demand.
“The Model consist of, but is not limited to: an economic sub-model, various energy demand sub-models dedicated to each sector of the economy, an energy price sub-model to determine the end users price of energy fuels, gas supply modules (upstream, pipelines, LNG and so on), as well as gas trade optimisation which is the core unit of the Model,” according to the Forum.
It describes the Global Gas Model as a “specialized, energy/gas forecasting tool that reflects the dynamic changes taking place in the in gas markets at a specific time horizon”.
“It can stimulate the impact of expected/potential/virtual changes on the global gas chain; It is a perfect tool for tackling the ‘what-if’ questions related to future gas markets, and also enables a better understanding of key uncertainties and outlook on the medium and long-term supply and demand of gas.”
Currently in operation, the Model allows for in-depth analysis of regional and global gas markets. It enables the mapping of gas upstream supply by type and cost, from existing fields under operation and new projects under development or appraisal, to ultimate resources whether conventional or unconventional.
Significantly, the volume of the global gas trade is projected to burgeon by a staggering 65 per cent to around 1.65 trillion cubic metres annually by the year 2040, up from around 1 trillion cubic metres presently.
The dominant share of this volume will be traded in the form of liquefied natural gas (LNG), which will account for around 45 per cent of global gas trade by 2040.