OGT-2020 Forum Analyzes Role of Natural Gas in Post-Pandemic Period

BUSINESS TURKMENISTAN
OGT-2020 Forum Analyzes Role of Natural Gas in Post-Pandemic Period
In total, more than 100 large companies from 30 countries have registered for the XXV International Conference Oil and Gas of Turkmenistan-2020.

The XXV International Conference Oil and Gas of Turkmenistan-2020, organized by Türkmengaz (Turkmen Gas) and Türkmennebit (Turkmen Oil) state concerns, started on Wednesday at the Chamber of Commerce and Industry building in Ashgabat.

According to TDH news agency, this year this large specialized forum, aimed at strengthening and developing international cooperation in the energy sector, is for the first time held not only in a traditional format, but also online.

Because of the restrictions imposed on international travel in the world, many foreign delegates joined the discussions on key topics virtually. Meanwhile, their number has even increased in comparison with previous forums. In total, more than 100 large companies from 30 countries have registered for the conference this year.

The plenary session was dedicated to the energy diplomacy of Turkmenistan.

The reports of the participants noted that the oil and gas industry is the leading sector of the Turkmen economy, which is assigned a significant role in the implementation of large-scale programs for the industrialization of the country on an innovative basis and expanding its export potential.

The forum then continued with a session, which thoroughly analyzed the current state of energy markets and global trends in their development, the role of natural gas in energy world in the post pandemic period.

In general, according to experts, the gas industry has suffered less from the fall in demand for energy resources due to the downturn in global economy than the oil industry. As for the prospects, the pandemic will end sooner or later, the economy will need to be restored with the help of the same fuel and energy complex.

The participants noted that the reduction in carbon dioxide emissions and, accordingly, the growth in demand for natural gas is the main long-term trend in the development of the global energy sector, associated with global push to fight climate change. As before, the highest growth rates of natural gas consumption are predicted in China and other countries of the Asia-Pacific region. Renewable energy sources will also be actively developed, primarily wind and solar energy.

On Thursday, the OGT-2020 continued with discussions on such topics as attracting investments in the offshore blocks of the Turkmen sector of the Caspian Sea and new investment opportunities in the gas and petrochemical sectors. Foreign companies operating in the country made presentations of their activities.

In addition, within the framework of the Forum, online meetings were also held between the heads of structural divisions of the domestic fuel and energy complex and their potential partners to discuss strategic areas of cooperation in the industry.