The Organisation of the Petroleum Exporting Countries (OPEC) has assured of its commitment to unlocking Africa’s full oil potential, saying doing that remains the organisation’s top priority.
The Secretary General of the global oil body, Haitham Al-Ghais, who made the comment at the ongoing 8th Nigeria International Energy Summit (NIES) in Abuja themed “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier” said with proven reserves amounting to approximately 120 billion barrels in the continent, Africa holds a significant oil reserves which should not be neglected to accommodate the energy transition agenda of the Western nations.
“I would like to congratulate the organizers for selecting such an important theme, one that aligns closely with OPEC’s objectives unlocking the full potential of this great continent is an utmost priority for OPEC, and we will continue to work closely with the Nigerian government and our other African members to achieve this goal.”
While emphasising the strong and lasting relationship between OPEC and Africa, Al-Ghais noted that half of OPEC’s member countries are from the continent, saying Nigeria, with its huge population and Algeria with its geographical size can never be neglected. Tribune Online reports that Congo, Gabon, Equatorial Guinea. and Libya are also OPEC members.
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While also pointing to Africa’s youthful and dynamic population which presents a strong workforce for the oil sector, the oil Chief said. “It’s crucial to discuss how we can unlock the potential that this great continent holds and how to create an investment-enabling environment that attracts the capital necessary to fully realize that potential.
“The investment needs of the oil industry are substantial, with cumulative requirements amounting to $17.4 trillion by 2050. This is why stability in the oil market is essential for investors to plan effectively,” he said.
He added with around 18 trillion standard cubic metres of natural gas, it clearly shows Africa’s crucial role in the global energy landscape.
“The world will need more of this oil in the future. Therefore, the African oil and gas industry must attract the level of investment necessary to unlock this great potential.”
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