Curtis Williams
OGJ correspondent
PORT OF SPAIN, May 4 -- Natural gas-exporting countries have pledged to work together to establish fair prices for gas, according to Trinidad and Tobago's Energy Minister Eric Williams.
Speaking at a Gas Exporting Countries Forum ministerial meeting in Trinidad and Tobago, Williams was quick to point out that while gas-exporting countries want a fair price for their product, GECF's aim is not to set prices through production targets, like those used by the Organization of Petroleum Exporting Countries.
"I don't foresee that at this time," Williams said. "The market is big enough for everyone. I don't see the need for producing countries to compete against each other."
Williams added that GECF will hold talks with importing countries to come up with a fair price for gas. The Caribbean island nation has taken over the presidency of the GECF. The meeting was the group's first in the Western Hemisphere.
At the meeting forum members also agreed to develop a gas supply-demand model and set up a liaison office in Qatar. Williams said the model was important because countries need to develop contracts with companies based on market analysis—something that not every country has access to.
Algeria will lead the effort to produce the model. Forum members also pledged to continue sharing information.
"Several of the major multinational players reach across borders and operate in several of our countries, and it is quite clear that sometimes they have knowledge or possibly present economic scenarios to different countries that may not be consistent with what they're doing elsewhere, so shouldn't we also talk?" Williams asked.
Trinidad and Tobago is the leading exporter of LNG in the Western Hemisphere and the biggest exporter of LNG to the US. Last year the Caribbean island was responsible for 77% of all the LNG imported by the US.
