OPEC urges Africa to unlock 120 billion barrels of oil reserves

The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Mr Haitham Al-Ghais, has called on African nations to harness their 120 billion barrels of proven oil reserves to drive economic development.

Delivering a keynote address titled “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier” at NEIS 2025, Al-Ghais stressed Africa’s significance in the global energy sector.

“Africa holds approximately 18 trillion standard cubic metres of natural gas, underscoring its crucial role in global energy markets. The world will require more of this oil in the future. It is essential for Africa’s oil and gas industry to attract investment to unlock this immense potential,” he stated.

He warned against neglecting Africa’s energy resources under the guise of transitioning to renewable energy, arguing that balancing energy security with climate goals is vital.

Al-Ghais also commended Nigeria’s role within OPEC, highlighting its longstanding contributions to the organisation’s success.

“Nigeria has consistently played a pivotal role in OPEC’s achievements. We encourage investors to explore Nigeria’s oil and gas industry,” he said.

He emphasised that half of OPEC’s member countries are African nations, including Nigeria, Algeria, Libya, Gabon, Equatorial Guinea, and Congo.

He further noted that Africa’s youthful population presents a strong and dynamic workforce capable of driving innovation and growth in the oil sector.

“Unlocking Africa’s potential requires an investment-friendly climate. Stability in the oil market is crucial for long-term planning, with global oil industry investment needs estimated at $17.4 trillion by 2050,” he added.