Energy
We see energy demand rising by 23% by 2045 – OPEC
The Organisation of the Petroleum Exporting Countries (OPEC) says energy demand will rise by an estimated 23 per cent by 2025.
OPEC says the rise will be fueled by a world economy that is expected to double in size, growing from $138 trillion dollars in 2023 to $270 trillion dollars in 2045.
The OPEC Secretary-General, Haitham Al Ghais, made this known on Tuesday at the ongoing 23rd Nigerian Oil and Gas (NOG) Energy Week Conference and Exhibition, holding in Abuja.
The conference, which holds from June 30 to July 4, has its theme as “Showcasing Opportunities, Driving Investment, Meeting Energy Demand”.
Addressing the Strategic Conference via teleconference, Al Ghais explained that it forecasted a rapidly expanding world population that would surpass 9.5 billion people.
“Why are we optimistic? Let us consider these statistics, which are based on OPEC’s World Oil Outlook.
“Urbanisation alone will account for over half a billion people moving to cities around the world by 2030.
“This data tells us that the world will require all forms of energy to meet long-term energy needs.
“Oil and gas will remain the predominant fuels in the energy mix.
“In fact, oil alone will retain its share at almost 30 per cent in 2045 as world demand for oil soars to an estimated 116 million barrels per day (mb/d) by that time,” he said.
To meet this rapid and robust growth in energy consumption, he said the industry would need to boost investment levels significantly in the years to come.
He said according to its research, cumulative oil-related investment requirements from 2024 until 2045 would amount to $14 trillion dollars or around $610 billion dollars on average per year.
“Securing this vital funding is essential to maintaining security of supply and avoiding unwanted volatility.
“In spite of these facts, I am certain you are aware of some recent predictions for peak demand by 2030 and calls for a discontinuation of investment in hydrocarbons,” he said.
Al Ghais further emphasised that indeed, the rush to adopt “Net-Zero” strategies was misguided and simply not realistic.
The OPEC Secretary General said that developing countries would continue to balance priorities between developing their national economies and addressing climate change.
In this regard, he pledged that OPEC and its member countries would continue to advocate for a fair process for adaptation, mitigation and means of implementation, with regard to climate finance and technology.
He decried the fact that there were an estimated 675 million people with no access to basic forms of energy and 2.3 billion without access to clean cooking fuels.
He tasked World leaders to unite and advocate for the necessary support and resources to make a difference in addressing this important matter.
“Looking ahead, OPEC will continue to enhance dialogue and cooperation with all of its energy partners, including in Africa,” Al Ghais said.
The Secretary-General, while commending President Bola Tinubu, appreciated Nigeria’s staunch commitment to OPEC and to the Declaration of Cooperation.
By Olaseinde Gbenga
The Executive Director, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Oluwole Adama has disclosed that the future of the country’s Oil and Gas Sector is very bright.
He made this known during the panel discussion at the ongoing Nigeria Oil and Gas (NOG) Energy week conference and exhibition in Abuja on Wednesday with the theme: Accelerating Investment, Enabling Industry Growth, Meeting Energy Demand.
According to him, “the Petroleum Industry Act ( PIA ) initiated by the government in regarding Gas is to create competition and revitalisation in the Oil and Gas industry but for Gas particularly, there have been so many government schemes, from Gas master plan, to decade of Gas to create infrastructure.”
He noted that the section 42 of the PIA Act set up MidStream and Downstream Gas Infrastructure fund (MDGIF), which is slow in starting but “because of the drive by the President for auto, a council was appointed in January, which we hit the ground running by crafting policy to ensure we have a robust processes.”
He said, “the council approved investment policy process in the month of March which will be accessible on our agency’s platform for all Nigerians. We have received several applications, and we are currently reviewing 50.
“In line with the PIA Act, we have built a budget for the sector, and we want to allocate this year for different projects, from the Gas pipelines, to Liquefied Natural Gas(LNG), Compressed Natural Gas(CNG), Liquefied Petroleum Gas( LPG), which the council and the National assembly has approved.”
According to him, “We are in the process of reviewing about 40 projects in line with the policy.”
“Also, the fund which we keep emphasising is an equity fund not government grant. We want to ensure that every money invested is safe and increases because it is equity.”
… launches an ambitious plan to plant 10 million special trees to Offset Tons of Carbon Emissions
Women In Energy Oil and Gas (WEOG) officially announced September 3 as World Decarbonisation Day. As part of the Decarbonization Initiative, WEOG plans to plant over 10 million special trees that have higher rates of carbon absorption.
Oladunni Owo, National President of WEOG in Nigeria and CEO of Blackgold Energy Authorities made the declaration during the Decarbonization Initiative Press Conference on Tuesday in Abuja.
WEOG is a forum created to promote gender diversity and inclusion in the male-dominated energy, oil, and gas industry in Nigeria.
Speaking on the theme “Collaboration, Innovation, and Action for a Low Carbon Oil & Gas Industry,” Owo noted that despite advancements in human investments and industrialization, there is more carbon in the atmosphere than is sustainable for human life.
She said, “Suddenly, we started hearing words like the depletion of the ozone layer, global warming, and carbon pollution and emissions.”
She explained that decarbonisation is a process where carbon can be converted, stored, captured, and sequestered, keeping it within the oil well or underground so it does not escape into the atmosphere.
“With decarbonisation, our energy oil and gas resources can still be very useful. Our research also showed that oil and gas are not just about fuels (petrol, diesel, DPK, and other forms of fuels).
“Oil and gas are also about fertilizers, polyester, rubber, petrochemicals, and several other products that are not necessarily fuel.”
She further stated that the decarbonisation agenda of WEOG focuses on making the exploration and production of oil and gas clean to minimize environmental impact.
Owo said, “The solution is decarbonisation, and currently, ongoing research on how this can be achieved shows that the simplest and most achievable method is tree planting.
“These activities can be carried out by everyone, including the high and mighty.”
Owo emphasized that in Africa and Nigeria, there is a significant energy gap, so a diverse range of energy resources, including solar, wind, hydrogen, nuclear, and gas, is needed to close these gaps.
This is why WEOG is initiating the concept of bringing decarbonisation to the forefront.
“We want to elevate this to another level and let it become another Conference of the Parties (COP), spreading from Nigeria to other parts of the world,” Owo said.
Regarding World Decarbonisation Day, Owo stated that WEOG initially picked June 24, 2024, but due to interest from various groups, including international bodies, an unveiling was done in Houston, Texas, during the recently concluded OTC.
Following this, the President of Nigeria also showed interest, leading to the selection of September 3, 2024, as the official date.
President Bola Tinubu is expected to make the main declaration, and September has been declared Decarbonisation Month, with Decarbonisation Week from September 3 to 5 in Abuja.
Owo has therefore invited stakeholders, industry experts, and potential partners to join and support WEOG in the advocacy.
She also confirmed that WEOG has initiated the National Decarbonisation Park.
Prince Nwosu also spoke, encouraging women in the oil and gas field to embrace the initiatives and visions of WEOG.
“It cannot be well if you are not aware,” he said, urging women to sustain the advocacy about climate change and its impact.
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