Natural Gas: OPEC Calls For Oriented Strategy, Timely Investments For Energy Markets

The Organisation of the Petroleum Exporting Countries (OPEC) has called for oriented strategy and timely investments in Natural Gas systems, given the current heightened uncertainties and volatility being faced in energy markets.

Dr Mohammad Barkindo, Secretary-General, OPEC, made the call on Tuesday in a keynote address at Mediterranean Gas (MedGas) event Dinner, in Athens, Greece.

Dr Mohammad Barkindo, OPEC Secretary-General with Kyriakos Mitsotakis, Prime Minister of Greece in Athens

Barkindo, in his address, lauded the Mediterranean Gas for its forward-oriented strategy and timely investments in Liquefied Natural Gas (LNG) and Natural Gas systems.

He described such investments as a significant contribution to the major diversification and energy security strive in Greece and in the region.

“It is particularly of importance at this time, given the current heightened uncertainties and volatility that we all face in energy markets,’’ he added.

He also lauded Theodore Theodoropoulos for his visionary leadership in the Mediterranean Gas group of Companies, and Basilio Petkidis, President, Mediterranean Gas for the Floating import of liquefied natural gas, storage, and regasification unit project.

He described the project as a pioneering advanced technology application across the industry and a stimulating factor in the economy.

The OPEC secretary-general thanked the Mediterranean Gas leadership for proceeding with foresight and undertaking such a timely and prestigious project.

“It demonstrates beyond doubt full faith in the hydrocarbons industry and its essential role in our everyday life.

“Mediterranean Gas deserve our sincerest commendation for contributing to energy security and a smooth energy transition,’’ he said.

He said that recent experience had shown that focusing on only one of the components in the energy transition while ignoring the others, could lead to unintended consequences such as market distortions and price volatility.

“The prevailing narrative does not correlate with the future trajectory of the world’s energy needs. One cannot help but be reminded of the old quote:

“Never theorise before you have data. Invariably, you end up twisting facts to suit theories, instead of theories to suit facts.”