Energy transition: Push against hydrocarbon may threaten crude oil, gas reserves, OPEC warns

As countries continue to make moves towards energy transition, the Organisation of Petroleum Exporting Countries (OPEC) has warned that continuous push against hydrocarbon carbon may threaten the future of crude oil and gas reserves in Nigeria and other African countries.

It said the most recent World Oil Outlook sees energy demand expanding by 28 per cent in the period to 2045 with global oil demand reaching 108.2 mb/d by 2045, hence the need for countries to harness all available energies.

OPEC’s Secretary General, Sanusi Barkindo, made the disclosure at the Nigeria Energy Forum held organized by Energy and Corporate Africa alongside the CERAWeek in Houston.

While Africa has about 125 billion crude oil reserves and 16 trillion standard cubic meters of natural, Barkindo worried that the mounting pressure to abandon oil and gas could affect the production of the reserves.

“In terms of providing reliable and secure supplies, and from the perspective of reducing emissions, the oil and gas industries have much to offer.

This includes some of the world’s most cutting-edge technologies and advanced innovations, which can all be leveraged to promote a lower carbon future,” he said.

According to him, discussions on climate change and energy transition are more of “emotion than of fact.”

He stressed the need for discussions based on facts, hard data and science, which include all stakeholders.

“This is wrong. we are witnessing investors, environmental lobbyists and even some corporate boards pressuring oil and gas companies and governments to pursue increasingly radical policies and initiatives that could, in the end, be more disruptive, than productive, for the global energy industry,” Barkindo said.

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He said while the need for net-zero remained critical, the massive challenges for developing countries like Nigeria must be put in context, considering the energy poverty on the continent.

Barkindo said: “We need to continually keep in mind that access to affordable, reliable, sustainable and modern energy, is a right for all, not a privilege of the few, and is enshrined by the UN in Sustainable Development Goal 7.

“The unfortunate reality for developing countries is that a staggering 759 million people worldwide did not have access to electricity in 2019, with around 79 per cent of them located in Africa.”

The OPEC boss noted that the energy poverty numbers for Africa are stark, stressing Africa alone accounts for less than 3 per cent of global emissions.

“We also need to remember in the energy poverty debate that the continent of Africa is still relatively unexplored in terms of oil and gas, bestowed with approximately 125 billion barrels of proven oil reserves and 16 trillion standard cubic metres of natural gas.

“The capacities and national circumstances of developing countries must be taken into account in all actions,” he said.

He warned that Africa could be hit by more challenges, as the countries are currently struggling with their economies.

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Energy transition: Push against hydrocarbon may threaten crude oil, gas reserves, OPEC warns

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Energy transition: Push against hydrocarbon may threaten crude oil, gas reserves, OPEC warns