OPEC signs research cooperation MoU

The Organization 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 on the sidelines of the Russian Energy Week forum in Moscow.

"We look forward to utilise the framework we signed today in our MoU to deepen discussions, as well as undertake joint work and actions, in the interest of our members, entire industry, and the global economy”, Barkindo said.

"It is the mainstream consensus that oil and gas together will continue to be the fuel of choice for the foreseeable future. In fact, most projections validate that oil and gas will continue to dominate energy basket."

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 agreed 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.

In addition, OPEC and GECF may further identify any other appropriate means to further their cooperation.