Japan is set to propose that the International Energy Agency consider extending its natural gas security function at an LNG ministerial conference on July 18, Japanese government sources told S&P Global Commodity Insights. Tokyo thus hopes to make a historic decision by strengthening its capacity beyond the oil market crisis.
Japan proposes strengthening IEA’s role in gas safety at Tokyo LNG conference.
Japan will table the proposal at the LNG Producers and Consumers Conference in Tokyo, organized for the first time jointly with the IEA. This is happening at a time when the Agency was describing the world in the midst of its first real global energy crisis.
Japan, a founding member of the IEA, hopes its proposal will act as a springboard for the Agency to take a decision to strengthen its gas safety function at its ministerial meeting in February 2024, the sources said.
The proposal coincides with the IEA’s 50th anniversary since its creation in 1974 in response to the 1973-1974 oil crisis. The Board maintains its collective oil spill emergency response system to stabilize markets and the global economy.
Japan suggested that the IEA could strengthen its role in the field of gas security, making recommendations based on analysis of the state of natural gas/GNL reserves and better preparing for any supply disruptions, according to the sources.
Given the differences between the forms of natural gas reserves held by various countries, Japan hopes that the IEA will add an advisory function.
In order to meet any future gas and LNG (liquefied natural gas) supply interruptions, the sources said.
Japan is also asking the IEA to facilitate collaborations between countries to establish a cleaner LNG value chain to achieve carbon neutrality and ensure gas security, according to the sources.
The LNG Producers and Consumers Conference was launched by Japan in 2012. As a forum for major producers and consumers after the country increased GN demand. Following the nuclear blackouts that followed the earthquake in Japan in March 2011.
