Feb. 26, 2025
Mr Haitham Al-Ghais, the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC) has tasked Africa to unlock its proven oil reserves of over 120 billion barrels.
The eight edition of the energy summit, which opened on Monday and ends on Thursday, has ‘’Bridging continents: Connecting investors with Africa’s Energy Potential’’ as theme.
He also said that Africa with around 18 trillion standard cubic metres of natural gas, was a testament to the continent’s crucial role in the global energy landscape.
“The world will need more of this oil in the future. Therefore, it is critical that the African oil and gas industry attracts the level of investment necessary to unlock this great potential”, Al-Ghais added.
He said that the vast resources at Africa’s disposal should not be disregarded or neglected merely to accommodate the energy transition agenda pushed by Western nations.
The secretary-general expressed appreciation to the leadership and people of Nigeria for their hospitality and thanked the summit organisers for their efforts in organising this year’s edition.
According to him, OPEC’s market research and forecasting points to the importance of Africa.
“Additionally, we know from Nigeria’s countless contributions to OPEC’s successes, how rewarding it is to work in this great nation. We encourage all potential investors to look at Nigeria’s oil and gas industry,”.
Al-Ghais highlighted the strong and enduring relationship between OPEC and Africa, noting that half of OPEC’s member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size.
Other African OPEC members include Congo, Gabon, Equatorial Guinea, and Libya.
He also lauded Africa’s youthful and dynamic population, which presents a strong workforce for the oil sector.
“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,” he said.
“The investment needs of the oil industry are substantial, with cumulative requirements amounting to 17.4 trillion dollars by 2050.
“This is why stability in the oil market is essential for investors to plan effectively,” he added.
He highlighted OPEC’s views on some important topics relevant to both the global industry and Africa, including future of global oil demand, energy investment and finance, as well as the ever-evolving issue of climate change and energy transitions.(NAN)
