The oil and gas sector would require about US$14 trillion in investments from now till 2035 to be able to meet global demand, Secretary General of OPEC, Haitham al-Ghais, has said.
The OPEC helmsman said this in Abuja, the capital of Nigeria, when he paid a working visit to the Group Chief Executive Officer of NNPC Ltd, Mr Mele Kyari, at the NNPC Towers on Wednesday, February 28, 2024.
During the discussion, Mr al-Ghais urged NNPC Ltd. to do everything possible to raise its production to continue to be a reliable source of energy to the world.
He stated that OPEC was completely aligned with NNPC Ltd.’s vision as captured in its payoff line: ‘Energy for Today, Energy for Tomorrow’ because of its inclusive view of energy as opposed to the view being pushed in some quarters that some sources of energy were bad.
“We will continue to ensure that the market is stable. The global market has to be stable for Nigeria to be able to attract investors.
If there’s volatility, if there’s no stability in the market, it will only create havoc for everybody, whether it’s a producer or consumer country.
So, we will continue to do that in OPEC. We count on Nigeria’s support,” the US OPEC helmsman said.
Mele Kyari, Group CEO of NNPC Ltd, said his outfit was working very hard to recover lost production and provide the right fiscal environment to attract investments.
He expressed appreciation to OPEC for its support to Nigeria, adding that NNPC Ltd. will continue to support the organisation in whatever way it can.
Despite the global push for energy transition from fossil fuels to renewable energy, the oil and gas industry still looks very attractive to investors.
According to a report by the International Energy Agency (IEA), the oil and gas industry attracted more than USD500 billion in investment.
Source:https://energynewsafrica.com