10th IEF and Host & Co-Host Statement
24 Apr 2006
2nd International Energy Business Forum
Conclusions by Host and Co-host of the International Energy Forum
- The 10th International Energy Forum (IEF) Ministerial was held in Doha, Qatar on 22- 24 April 2006 with the participation of 59 countries and 6 international organizations. Meeting at a time of heightened global energy concern, Ministers discussed, under the theme "Fuelling the Future: Energy Security, a Shared Responsibility", a wide range of issues related to energy resources and markets, investments in the energy sector and improved frameworks for co-operation.
- Recognizing the importance of dialogue and partnerships also that between governments and the energy industry itself, Ministers interacted with CEOs of leading energy companies in the 2nd International Energy Business Forum (IEBF), with the participation of 32 major national and international energy companies providing valuable input for the Ministers subsequent meetings.
- Ministers noted that world economic growth had remained strong despite increasing oil prices and market volatility. They expressed concern over the possible effects of high price levels on economic growth, especially for developing countries. They reconfirmed their shared interest in reduced market volatility and stable prices.
- Decades of abundance of cheap energy have produced complacency and masked the critical role energy plays in every aspect of life. Under prevailing conditions which may threaten reliability, security and affordability of energy, the Forum outlined the need to strengthen the dialogue and cooperate to reduce, if not eliminate those threats.
- Bottlenecks, inadequacies and lack of cushion along the energy supply chain, witnessed since the 9th Forum in Amsterdam make serious action a must. Ministers called for a stepping-up of investments across the energy chain to meet the substantial increase in energy demand required for global economic growth and social development in the years ahead.
- Based on studies presented by the IEA and OPEC, the Forum acknowledged continued strong reliance on fossil fuels in meeting global energy demand. Noting the availability of ample fossil fuels resources to meet the expected energy demand, the Forum underscored the need to accelerate the development of cleaner fossil fuel technologies and alternative sources of energy and increased efficiency.
- Along with new investment, technology will also play a key role in helping to meet future energy demand by increasing and diversifying energy supplies, improving energy efficiency and reducing project costs.
- It was expressed that it be helpful to reduce, whenever possible, the effects of political elements in the energy industry.
- Echoing comments from the Business Forum, Ministers acknowledged the shortage of human resources throughout the energy industry as a problem which must be addressed jointly by companies and governments. The Forum emphasized the need to facilitate education and training in energy disciplines to provide specialized manpower for operational and research staffing in the energy industry.
- Ministers noted the potential of reciprocal and joint investment between producers and consumers as well as between National Oil Companies and International Oil Companies, all along the energy supply chain. This would increase the volume of investment in the energy sector and enhance energy security by establishing interdependencies.
- The Forum emphasized that improved access to markets, resources, technology and financial services, bolstered by fair and transparent economic, fiscal and legal regulatory frameworks and by good governance, is crucial for the long-term energy security of both producers and consumers.
- The Forum underscored the importance of transparency and exchange of energy data for market predictability and stability, providing also for a more stable investment climate while supporting planning and enhancing global energy security. Ministers reaffirmed their commitment to providing timely and accurate data to JODI and envisaged co-operation in expanding, in due course, the initiative to include data of other sources of energy that are important in the world energy mix.
- Ministers reviewed the achievements of fifteen years of political-level dialogue in the IEF and confirmed their support to the dialogue process and the Secretariat of the IEF in its mission.
Italy will be the host country of the 11th IEF that will take place in 2008 with India and Mexico as co-hosting countries.
(1) This statement is issued on the responsibility of the Host and co-host countries.