…Barkindo canvasses long-circle investments in oil sector
OpeOluwani Akintayo
21 February 2018, Sweetcrude, Lagos – Oil is expected to remain the fuel with the largest share in the global energy mix from now till 2040, Dr. Mohammed Barkindo, Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, has said.
He maintained that together, oil and gas are expected to provide more than half of the world’s energy needs from now till 2040, with their combined share relatively stable, between 52–53%.
Barkindo made the assertion in a keynote address at the maiden edition of the Nigeria International Petroleum Summit in Abuja.
Primary global energy demand is expected to increase by 35% in the reported period, he said, adding that correspondingly, long-term oil demand is expected to increase by 15 million barrels per day, mb/d, rising from 94.5 mb/d in 2016 to 111.1 mb/d in 2040.
The bulk of this increased demand will come from developing countries, increasing by almost 24 mb/d, to reach 67 mb/d by 2040.
Significantly, this means there is no expectation for a peak in oil demand over the forecast period to 2040 as world consumption is on course to exceed 100mb/d, much earlier than projected, according to the OPEC chief.
