OGT 2022: forum results and global energy market trends
The international investment forum "Oil and Gas of Turkmenistan-2022", held on March 29-30, made it possible to look into the future from the point of view of experts and market players, scientists, and diplomats. More than 400 delegates took part in discussions held in a hybrid format. 142 companies from 32 countries were represented in its program, which included several thematic sessions, one of which was the direct inclusion of Dubai Expo 2020 in the Ashgabat Dialogue.
What exactly are the opportunities and scenarios for the development of energy for Turkmenistan and the region, the continent, and the whole world? The answers to this question were formulated in the context of integrated security, supply diversification and environmental issues.
The speakers stated that the energy problem is one of the biggest problems that many states are currently facing. Climate change and covid effects, geopolitical turbulence and the uncertainty of the global economic balance have revealed the world's growing dependence on fossil fuels.
And its deposits are unevenly distributed around the planet. Turkmenistan has got subsoil rich in hydrocarbons, and as a peacekeeping, friendly and hospitable state, it openly discusses with traditional and potential partners, investors and politicians how to use this potential in the interests of not only the Turkmen, but also other peoples.
The priority role at the forum was assigned to gas as the cleanest type of fuel and therefore the most relevant in the transition period to zero emissions. A secure and sustainable energy market will require new investments in infrastructure, all forum participants, both from Turkmenistan and its partners, were unanimous in this.
What can be done in practice to reduce geopolitical risks in the energy sector? The answer on the surface is to cooperate. Energy is no longer just a national security issue for one country – it is now a security issue on an international scale. Many forum participants spoke about this during presentations of their companies or analytical reports.
The key direction for the future energy security in the EU today is the region of Central Asia, Kazakhstan, and Azerbaijan as alternative energy suppliers. In this aspect, the EU is studying the possibilities of intensifying energy cooperation with Turkmenistan.
On the other hand, a total transition to renewable energy sources has been announced. Although experts are sure that in the near future the world will still need to increase the import of gas and oil. That is why the dialogue between energy producing and consuming countries is becoming increasingly important for international relations.
The goals of Turkmenistan's energy cooperation, once again announced at the last forum, are clear - greater stability for investors, greater predictability of supply and demand, recognition of the mutual interests of suppliers and consumers, updating energy policy in the context of climate change.
The successful holding of the forum "Oil and Gas of Turkmenistan-2022" was also a demonstration of the great interest of foreign business in the energy complex of Turkmenistan. The forum took place in the context of epochal changes in the fundamental elements of the energy market.
Experts' forecasts indicate that energy companies will have a lot of work to do, as global demand for oil may reach 104 million barrels per year by 2026, which will only increase interest in mutually beneficial cooperation.
According to the organizers, OGT 2022 has become a platform for discussing the prospects for the development of the energy market and efficient hydrocarbon production, the possibilities of hydrogen as an alternative energy source, and solar and wind energy.
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