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$12.6trn Investment: OPEC Tasks Member Countries On Investor-Friendly Policies

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The Organisation of Petroleum Producing Countries (OPEC) has called on oil producing countries and in particular, African countries that rely on oil and

gas production for revenues, to create an investment friendly climate in order to attract the needed investment for development.

OPEC secretary general, Dr. Mohammad Sanusi Barkindo, who presented a keynote address at the 14th annual conference of the Nigerian Association of Energy Economics in Abuja yesterday, noted that to that end, the Petroleum Industry Bill recently signed in Nigeria promises to be a huge success in reviving the fortunes of the oil and gas industry in the country.

Speaking on the topic, ‘Strategic responses of oil exporters in Africa to the 2050 Zero Carbon Emissions Target’, Barkindo noted that despite the concerted drive towards energy transition, oil will remain the largest contributor to the energy mix up to 2045 accounting for more than 27 per cent, as indicated to in the latest OPEC world oil outlook.

He said with the help of technology, the industry can become low carbon or even zero-carbon. “This includes technologies already being implemented such as carbon capture, utilisation and storage.

 

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