Gastech 2023: Ministers, Global Business leaders commit to unified industry action towards net zero

Gastech 2023, the world’s largest meeting place for natural gas, LNG, hydrogen, low-carbon solutions, and climate technologies, opened yesterday welcoming record-breaking numbers to Singapore EXPO.

The first day featured a range of insightful contributions from policymakers, CEOs, and business leaders on the multiple, interconnected challenges facing the global energy sector. Delegates discussed the critical role of natural gas, LNG, and hydrogen as key enablers of future energy security and accelerators of the energy transition, in Asia and beyond.

Speaking at the Gastech 2023 Gala Dinner at Raffles Hotel yesterday, former Prime Minister of the United Kingdom, Leader of the Conservative Party, Foreign Secretary and Mayor of London, Rt. Hon. Boris Johnson said: “The complexity of today’s geopolitical and economic climates have left governments grappling with the dual challenge of addressing climate change and meeting increasing energy demand. This winter, businesses and families around the world face high inflation, high interest rates, and uncertainty over energy prices. At events like Gastech, the global energy community have a unique and important opportunity to align on collective action towards a cleaner, more affordable, and more secure energy future.”

Nigeria’s Minister of State Gas and  Petroleum Resources highlighted the natural gas ambitions that his  country, and many others in the region, are relying on. Hon. Minister Ekperike Ekpo stated that “in Nigeria, there is a clear direction  towards the decade of gas. Our goal is to increase gas production in  order to satisfy both local and international needs. Part of my reason  for being here is to say that Nigeria is open for investment, so investors can come in and take advantage of good and supportive  policies.”

H.E. Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry, Singapore, welcomed attendees to Singapore at the Opening Ceremony: “The world is undergoing a profound energy transition, getting to net zero while preserving energy security and economic competitiveness. Moving forward, the demand for natural gas in Asia will only continue to grow. Singapore is committed to satisfying the region’s energy needs.”

The Strategic Conference began with a high-level discussion between international energy ministers on how natural gas and LNG will enable the global energy industry to meet near-term demand for low-carbon energy. H.E. Tarek El Molla, Egypt’s Minister of Petroleum and Mineral Resources, shared valuable insights on the rapid expansion of natural gas and LNG in the region: “We have all agreed that natural gas is the best choice for the energy transition. Egypt has built on the momentum of COP27, but continued investment, as well as sustained cooperation among countries, is very much needed.”

Also speaking at the Gastech 2023 Ministerial Session,  the Secretary General of the International Energy Forum (IEF), Hon. Joseph McMonigle emphasised the need for inclusive dialogue on decarbonisation ahead of the COP28 Summit: “What we have learned is that this linear approach to net zero is an outdated approach that is not workable in many areas around the world. We need everyone at the table, and I hope that at this COP, we will focus on progress and not perfection. There are so many things we can do to make progress on climate change, and natural gas is going to help the world to decarbonise.”

A CEO panel was attended by industry heads from JERA Co., Inc, Baker Hugues, Woodside Energy, ADNOC, Mitsubishi Corporation and Pavilion Energy, focused on transforming global energy through collaborative business models and constructive partnerships.

Speakers shared insights into the new business models being deployed to support a net zero energy future, with low-carbon solutions applied to the hard to abate industries.

Another high-level session saw business leaders from ExxonMobil, Eni, Chevron, Shell, and Vitol delve into the dynamic global LNG market, as a resilient industry with the potential to meet the demands of the future energy system. Participants discussed how Europe’s changing LNG needs are forecast to outpace global supply capacity until the middle of this decade, resulting in heightened levels of competition as Asian demand picks up.

Gastech 2023’s opening day also saw Venture Global LNG CEO Mike Sabel and Baker Hughes Chairman and CEO Lorenzo Simonelli announce Venture Global LNG’s long-term expansion plan to increase production from 70 million tonnes per annum (MTPA) to more than 100MTPA of LNG export capacity. To support this initiative, Venture Global LNG and Baker Hughes have together executed an expanded master equipment supply agreement for the delivery of additional liquefaction train systems and power island systems for Venture Global LNG’s future export projects.

“Venture Global LNG is thrilled to announce our long-term plan to expand LNG production both in and outside of Louisiana, building on the momentum of our first three projects – Calcasieu Pass, Plaquemines LNG and CP2 LNG,” said  CEO of Venture Global LNG, Mike Sabel, speaking following the announcement.

“Now more than ever we are committed to our mission of delivering low-cost LNG at a larger scale to support the world’s growing demand for energy security, prosperity, and environmental progress. We are grateful for our continued partnership with Baker Hughes, a world leader in energy technology, and look forward to building on our successful collaboration in our upcoming projects,” he said.