Oil industry requires $14trn investment to meet global demand – OPEC

$14 trillion investment in the oil and gas industry between 2024 to 2045 will be required to meet global demands per the Organisation of the Petroleum Exporting Countries (OPEC).

The Secretary-General of OPEC, Haitham Al-Ghais, made this known while fielding questions from journalists on Thursday on the sidelines of the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja.

According to the OPEC Secretary-General,  “the investment would be needed for the upstream, midstream and downstream value chain because of the massive rise in energy demand, as oil would continue to represent 30 per cent of the energy mix by 2045.

“The prediction is not only for OPEC alone but many reliable forecasting agencies have the same views that oil will continue to represent a major share of the energy mix in future.

“We will continue to advocate for continuation of investments in oil as well as the technology required in decarbonising operations.

“We have many projects coming up in our member countries; we also advocate for investing in renewables, we have member countries that are leaders in that aspect who are taking strides in investing in solar, nuclear, wind and others.

“We will continue to advocate for inclusiveness and open door policies as we have done in the past 64 years of OPEC creation,” he said.

He also disclosed details of his meeting with  the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr Mele Kyari.

The OPEC boss said that the NNPC Ltd. was taking massive strides to create an investment-friendly environment in Nigeria’s oil and gas sector.

Al-Ghais said that OPEC’s vision aligned with that of NNPC Ltd.’s as captured in its payoff line, “Energy for Today, Energy for Tomorrow.”

This, he said, was because of its inclusive view of energy as opposed to the view being pushed in some quarters, that some sources of energy were bad.

According to him, OPEC will continue to ensure global energy market stability, which is needed to attract investors to Nigeria.