OPEC, gas counterpart GECF to strengthen cooperation
Areas of cooperation identified in the MoU include energy market monitoring and analysis, data and statistics, and sustainability initiatives
The Organisation of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) signed a memorandum of understanding (MoU) to strengthen cooperation in research and the sharing of best practices.
Mohammad Sanusi Barkindo, secretary general of OPEC, and his GECF counterpart, Yury Sentyurin, signed the MoU in Moscow on the sidelines of Russian Energy Week.
The purpose of the MoU is to establish and strengthen cooperation in order to carry out activities and share experiences, views, information and best practices in areas of mutual interest.
Areas of cooperation identified in the MoU include energy market monitoring, analysis, modelling and forecasting; energy market research studies covering the short- medium- and long-term, and their methodologies; energy market data and statistics, data and statistical operational topics (such as methodologies of data gathering, assessment and dissemination); energy initiatives and developments aimed at sustainability, along with environmental and social responsibility; and other areas and matters involving common interests and concerns.
OPEC and GECF also agree to cooperate, where possible and appropriate, on the exchange of information and data; hold expert meetings and internal bilateral workshops to promote the exchange of knowledge and experiences; and cooperate on seminars, workshops, conferences and publications.
Algeria, Equatorial Guinea, IR Iran, Libya, Nigeria, the United Arab Emirates and Venezuela are members of both Organisations. OPEC Member Countries Angola and Iraq are also GECF observers.