Abuja — The Organization of the Petroleum Exporting Countries (OPEC) participated in the 21st edition of Nigeria Oil and Gas (NOG) Conference and Exhibition, which is taking place in Abuja.
This year’s theme is “Funding the Nigerian energy mix for sustainable economic growth.”
At the opening ceremony, OPEC Secretary General, HE Mohammad Sanusi Barkindo, delivered a keynote address as the Honorary Chairman of the Conference. He emphasized the event’s importance and timeliness, given recent industry developments.
Barkindo thanked HE Muhammadu Buhari, President of Nigeria, for his tireless efforts and continuous support for OPEC, the Declaration of Cooperation and the Charter of Cooperation during his two-term tenure as Secretary General.
Referencing the event’s main theme, the Secretary General emphasized that investment is the lifeblood of the oil industry. He noted that it is essential to “develop new technologies, strengthen human capacity and remain leaders in innovation” to ensure that the world’s growing need for energy is met.
Barkindo underlined that a cumulative investment of $11.8 trillion is required in the upstream, midstream and downstream oil sectors through to 2045 to meet energy demand, support the world economy and address the expected rise in global population, referencing OPEC’s World Oil Outlook (WOO) 2021.
The Secretary General noted that total primary energy demand is projected to expand by 28%, whereby oil is expected to retain a share of over 28% of the global energy mix, followed by gas at around 24%.
“In other words, oil and gas together will continue to supply more than half of the world’s energy needs for many decades,” he said, adding, “These hydrocarbon resources are especially vital to the energy mix in regions like Africa, which will see massive population shifts and economic growth in the coming years.”
Barkindo said the energy transition must be addressed through a balanced, just, inclusive and compressive approach that is based on data and driven by science, and leaves no one behind. He also underlined the positive role that cooperation and multilateralism can play in this regard.
On Nigeria’s national petroleum sector, the Secretary General underscored the potential of the Petroleum Industry Bill, which was adopted by the National Assembly and signed into law by President Buhari last year.
“This was a ground-breaking achievement, culminating many years of hard work. I am confident that the implementation of the law will help unlock the full potential of the petroleum industry,” he added.
Barkindo also praised his home country Nigeria for the efforts invested in the construction of the Dangote refinery, stressing that the development of the refinery is “a huge step in the direction of addressing the country’s longer-term fuel demand.”
The OPEC Secretariat takes part in the leading energy event on an annual basis. This year’s NOG runs from 4 to 7 July 2022.
OPEC’s Public Relations and Information Department is also participating by hosting a booth. It features the Organization’s history and achievements, along with its flagship publications, the WOO, the recently launched Annual Statistical Bulletin, the Monthly Oil Market Report and the OPEC Bulletin.
Nigeria became an OPEC Member Country in 1971. Last year marked the country’s 50th Anniversary in the Organization.
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