We lost $1trn globally on defined project, others – OPEC Secretary

THE Secretary General of the Organisation of Petroleum Exporting Countries, Mr Mohammed Barkindo, on Monday, said nearly $1trillion was lost globally in terms of defined and outright cancellation of projects across the supply chain of upstream, mainstream and downstream.

Mr Barkindo, who made this known during his official visit to the Nigerian National Petroleum Corporation (NNPC) Tower, Abuja, therefore, said efforts were on top gear by OPEC and non OPEC friends to pull the industry out of its current recession.

He said for the first in history, the industry was able to pay a platform of 24 producing companies, 13 from operate and 11 from none operate which was agreed on joint supply arrangement, saying the participating countries were now decided to restore stability back to the market on sustainable basis that would allow investment to come back on continuous basis.

The Secretary General said the industry has determined to solidify the platform together with OPEC none OPEC friends to maintain and restore confident in investors, pointing out that OPEC and non OPEC were trying to restore confidence in the last global financial crisis of 2008 which involved the challenges in the Niger Delta, sanction of Iran and others.

He said the industry was capital intensive, and therefore, needed consistent investment in order to take care of reserve that would produce and secure the security of future our supply.

Mr Barkido then urged the chieftains in the industry to rally round the Minister of State for Petroleum, Dr Ibe Kachiwku, in order to march forward in all reforms and diversifications in its true form.

In his own speech, the Minister, Dr Kachikwu, attributed his choice of Barkindo as secretary general, when the latter was least expected as his doggedness and then commended him for the achievements recorded so far.