Press

5TH GECF Heads of State Summit Launches Declaration of Malabo


  • The Declaration of Malabo was published as the outcome of the Gas Exporting Countries Forum (GECF) 5th Heads of State Summit on Friday.
  • The declaration was presented by H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, and H.E. Yury Senturyin, Secretary-General of the GECF.
  • The Declaration outlines the way in which GECF member countries can cooperate to secure a long-term and sustainable energy transition.

Malabo, Equatorial Guinea, November 29, 2019 – The official Declaration of Malabo was submitted on Friday as the result of the Gas Exporting Countries Forum (GECF) 5th Heads of State Summit held in Malabo (November 26-29).

Drafted during a week of Ministerial and High-Level Ad Hoc Working Group meetings, the document reaffirms the importance of retaining sovereign rights of member countries over natural gas resources; securing an energy transition and meeting sustainable development goals; attracting investment to gas infrastructure projects; fostering coordination among GECF member countries; and establishing pricing mechanisms, among other key objectives.

“One of the positions of the GECF is to specifically designate the terms and conditions of the contracts between producers and consumers. Our community insists that pricing connected to oil indexation should serve in favor of our member countries,” said H.E. Yury Sentyurin, Secretary-General of the GECF. “Producers need to have a reliable flow of revenue to be able to ensure investment. With the connection between pricing and indexation, we try to ensure comfortable conditions for producers to ensure that their projects are implemented.”

The 5th Heads of State Summit represents the first time that the event was held on the African continent, reflecting increased efforts to attract African gas-producing countries to the organization.

“Mozambique and Tanzania have had huge gas discoveries…So many African countries have their own resources and they need to learn to manage them by themselves,” said H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons for Equatorial Guinea. “The objective of this summit is to attract more African countries. This increases our numbers. The future is gas.”

The Declaration of Malabo builds on the existing frameworks for cooperation outlined by the declarations of GECF Summits held in Doha, Qatar (2011), Moscow, Russia (2013), Tehran, Iran (2015) and Santa Cruz de la Sierra, Bolivia (2017).



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://africaoilandpower.com/2019/11/29/5th-gecf-...

GECFEGYearofEnergyGECFMalaboEquatorial Guinea

More items from aydanur


Energy is “the Economic Engine of the African Continent”

The fourth annual Africa Oil & Power (AOP) conference commenced in Cape Town, South Africa today. Industry elites gathered to discuss the future of Africa's energy sector and engage in a dialogue that will see the sector empower greater economic growth. Guillaume Doane, CEO of Africa Oil & Power ...

Aydanur Akkurt - Africa Oil & Power


Posted 1 month agoPress > Equatorial GuineaSenegalSomalia +6

Senegal Center Stage at AOP 2019, President to receive Africa Oil Man of the Year Award

H.E. Macky Sall, President of the Republic of Senegal, will receive the prestigious Africa Oil Man of the Year award presented by Africa Oil & Power, for his efforts in transforming Senegal's energy sector. President Sall will deliver an opening keynote address at AOP 2019 and lead a large delega ...

Aydanur Akkurt - Africa Oil & Power


Posted 2 months agoPress > SenegalAfrica Oil & PowerMakeEnergyWork +3

Home of oil and gas licensing round

Determined to attract investment and increase exploration activities in their oil and gas sectors, South Sudan, Equatorial Guinea and Gabon will continue their bidding round efforts at the flagship Africa Oil & Power (AOP) conference and exhibition on October 9 – 11 at the CTICC 1 in Cape Town, So ...

Aydanur Akkurt - Africa Oil & Power


Posted 2 months agoLink > Licencing RoundGabonSouth Sudan +5

Opinion: The Energy to Make it Work | Petroleum Africa

BY: Guillaume Doane, CEO and Co-Founder of Africa Oil & PowerTHE AOP 2019 Conference in Cape Town in October will bring together African policymakers, energy sector companies leaders and analysts. In 2015, we launched Africa Oil & Power as a platform to support the efforts of African governments ...

Aydanur Akkurt - Africa Oil & Power


Posted 2 months agoLink > South AfricaKenyaGabon +7

South Africa’s Former Energy Minister, Jeff Radebe on tour to mend relations with Nigeria, Senegal & Ghana

A team of Presidential Special Envoys departed South Africa on Monday to visit Nigeria, Niger, Ghana, Senegal, Tanzania, the Democratic Republic of Congo and Zambia to deliver a message of solidarity from President Cyril Ramaphosa. The Special Envoy consists of South Africa's former Minister o ...

Aydanur Akkurt - Africa Oil & Power


Posted 2 months agoPress > South AfricaNigeriaNiger +9
All posts from aydanur