By Emmanuella Anokam

The Nigeria Extractive Industries Transparency Initiative (NEITI) has decried the 18 per cent participation of women in the oil and gas sector, and called for inspired inclusion and gender justice.

The NEITI said its oil and gas industry report showed that all top high level management positions in the industry were dominated by men.

Dr Orji Ogbonnaya Orji, Executive Secretary/CEO, NEITI, said this at the commemoration of 2024 International Women’s Day (IWD) by NEITI on Friday in Abuja.

The International Women’s Day is celebrated globally every March 8 by advocating for equity, inclusivity, gender justice, wider opportunities for women, career advancement without discrimination and security in work environment.

The 2024 IWD campaign has the theme: “Invest in Women: Accelerate Progress.”

Orji said in NEITI’s 2021 oil and gas industry report, employment data from 56 out of 70 oil companies indicated that out of 19,171 employees, 15,639 or 82 per cent were men while 3,532 or 18 per cent were women.

“The disclosure is far from the national average of 35 per cent. From the same gender balance data, all top high level management positions in the industry are dominated by men.

“And in NEITI, out of five Chairs of NEITI Board so far, one and in-fact the founding Chair is a woman. And of four Executive Secretaries/CEOs so far, one is a woman.

“And to highlight the special accomplishments of women, only the two women that headed NEITI, Dr Obiageli Ezekwesili and Dr Zainab Ahmed were elevated from NEITI to ministers, while one landed top positions later at the World Bank.

Orji said NEITI organised the event to domesticate ideals of the IWD into its operations, in line with global Extractive Industries Transparency Initiative (EITI) requirements, while promoting public awareness on the importance of women participation.

He said it deliberately created a special unit, under the Policy, Planning and Strategy Department called the Gender and Environmental Unit to ensure women’s inclusion in extractive governance and EITI processes, report on gender distribution and participation.

He said the EITI standards required implementing countries to promote greater diversity in decision making; document and publicly disclose women participation, gender, social, environmental issues in the extractive Industries.

According to him, EITI reports are also required to highlight the risks that women are confronted with in rural host communities where oil, gas and mining exploration activities take place.

This, he said, would ensure that the natural resources endowments in those communities did not deny women and other vulnerable groups access to basic sources of their family existence, health care facilities and environmental safety.

“And where this is the case as it is in most communities in resource rich countries in sub-Saharan Africa including Nigeria, EITI Reports are required to recommend and document measures to address such risks,’’ he added.

The News Agency of Nigeria (NAN) reports that the event featured Mrs Abike Dabiri-Erewa, Director General, Nigeria in Diaspora Commission (NiDCOM) as the Special Guest of Honour to mark NEITI’s 2024 IWD celebration tagged, “Inspired Inclusion.”

Orji, who described her as a remarkable woman, a renowned broadcaster, widely travelled, experienced journalist, a technocrat-politician, a parliamentarian and woman activist, said her story/experiences could inspire others.

“She has joined us to speak to NEITI ladies and guests, answer questions on career development, work-life-family balance, privileges/challenges women face in work environments, risks, opportunities and the way forward,” the executive secretary said.

Dabiri-Erewa, in a presentation tagged, “Women in the Work Environment – Opportunities, Risks and Challenges,” said being a career woman could be very challenging but women should always aim to overcome with determination.

She encouraged women to avoid being held down, inferiority, not to entertain fear in the line of duty; rather to uphold integrity, self-respect, discipline and show determination and strength.

Dabiri-Erewa, who urged women to strive for inclusiveness and equitable society, said women should deal with principles and should not be afraid of criticism as they pursued their goals in life.

Also speaking, Falmata Kwaku, Head, Gas Processing Plant and Installation, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), called for mentorship, support and building a community that could uplift women and creating inclusive environment.

In her remarks, Mrs Stephanie Etareri, Assistant Team Lead, Gender and Environment, NEITI, reiterated its commitment to promote gender justice across the value chain in the extractive sector.

Etareri said she hoped that Dabiri-Arewa’s speech would inspire changes in the dynamics of the gender inclusion. (NAN) (www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

The Federal Government has inaugurated the Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) with the charge to spur investment.

Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, inaugurated the council on Friday in Abuja.

He called on the domestic and international stakeholders to join hands with the management of the MDGIF to boost investments in the gas sector.

Ekpo, who is the chairman of MDGIF, said the fund’s mandate, which aimed at supporting the midstream and downstream gas infrastructure, aligned seamlessly with the aspirations of President Bola Tinubu’s administration.

He said the establishment of the MDGIF came at a critical juncture in Nigeria’s energy landscape when the strive for economic diversification and sustainable development with gas as a major component was at its peak.

He urged members to work toward surmounting the challenges of low investments, poor gas infrastructure in the midstream and downstream sectors and grow employment in the process.

“The MDGIF is not merely a fund; it is a vehicle for progress, a conduit for prosperity and a catalyst for sustainable development.

“This alignment should, in turn, lead to a tangible reduction in the prices of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG0), benefitting particularly the low-income earners in our society,” Ekpo said.

The minister said with the collective expertise and commitment of the governing council, as well as the support of relevant stakeholders, it would drive innovation, create employment opportunities and ensure energy security.

Mr Farouk Ahmed, Authority Chief Executive, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and member of the Council, who spoke  on behalf of other members  promised that they would not leave any stone unturned at ensuring a successful assignment.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu had recently approved the appointment of a governing council of the MDGIF which is domiciled at the NMDPRA’s headquarters in Abuja.

Members of the MDGIF Governing Council include Mr Oluwole Adama, Executive Director; Mr Joseph Tolorunshe, Secretary and Mr Farouk Ahmed, Authority Chief

Others are: representatives of the Central Bank of Nigeria (CBN); Federal Ministry of Finance; Independent members — Ms Amina Maina (North-East); Mr Edet Ubong (South-South); and Mr Tajudeen Musa (South-West). (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Naomi Sharang

The Crude Oil Theft and Management Committee, under the National Economic Council (NEC) says its engagement with stakeholders is yielding positive results against crude oil theft.

The Chairman of the Committee and Gov. Hope Uzodimma of Imo said this when he briefed newsmen in Abuja.

He said that the trend of crude oil theft was particularly worrisome and tackling it decisively would improve Nigeria’s oil production profile.

“The committee’s job is to look into crude oil theft, the control of the theft and prevention of the theft.

“Arising from that we have been able to do fact findings. We have made a lot of consultations, we spoke to critical stakeholders, and we are beginning to see light at the end of the tunnel.

“It is our hope that at the end of this assignment, we will put together a report that is very bold and courageous that will be useful to NEC,” he said.

Uzodimma said that the report would help stop the monster called crude oil theft.

“So that the nation’s natural resources, oil and gas should be able to help, support and develop the country.

“I don’t think so and I have not seen it anywhere that Nigeria is going to import or is importing crude oil.

“Of course, the sector is gradually being deregulated. There are now private refineries. Of course, under an open market system, private refineries can buy their crude oil from any market anywhere in the world.

“But for Nigeria as a country, currently we are exporting crude oil,” he said. (NAN)

By Emmanuella Anokam

The Federal Government has said that the 7th Nigeria International Energy Summit (NIES 2024) would serve as catalyst for positive change, innovation and resilience in view of industry challenges.

The Secretary to the Government of the Federation (SGF), Sen. George Akume, stated this during the closing ceremony of the 7th edition of the NIES 2024 on Friday in Abuja.

The summit which held from Feb. 26 to March 1, with the theme “Navigating the New Energy World Order: Security, Transition, and Finance”, underscored the complexities, challenges and solutions in the dynamic landscape of the global energy sector.

The exchange of ideas and the spirited discussions by industry leaders, policymakers and experts who have shared their insights, experiences and expertise, undoubtedly charted a course for the future of energy in Nigeria.

Akume said the summit provided a platform for stakeholders to engage in meaningful discussions on innovations, policies, advancements, and the overall trajectory of the energy sector in Nigeria.

He tasked oil and gas stakeholders to collaboratively address the critical issues that lie at the intersection of energy security, transition and financial sustainability.

“The knowledge shared and relationships fostered during this summit will undoubtedly serve as catalysts for the transformative changes that lie ahead.

“I am confident that the collaborative efforts initiated here will yield tangible results in the days and years to come.

“Let us remain committed to the ideals of energy security, transition to sustainable practices, and the financial viability of our energy sector.

“This summit, will indeed, serve as catalyst for positive change, innovation, and resilience in the face of the challenges that lie ahead,* he said.

Earlier, Amb. Nicholas Ella, the Permanent Secretary, Ministry of Petroleum Resources, stated that the summit had been an incredible journey of knowledge sharing, collaboration and foresight.

The summit, according to Ella, transcended borders, hosting international delegates from over 50 countries, who have actively engaged in shaping the discourse of the dynamic Energy World Order.

Ella said the online streaming of the event had exceeded expectations and brought in about 700,000 participants from across the globe.

He said the depth and diversity of perspectives scheduling the Summit would increase our understanding of the Nigerian Energy Sector.

The Permanent Secretary promised to crystallise the outcome of the Summit in a comprehensive report that would be shared between the delegates and Federal Government of Nigeria.

“The document (report) will be transmitted to the SGF for onward conveyance to the highest level of authority, encapsulating the collective wisdom and insight gained from the Summit,” he said. (NAN)(www.nannews.ng)

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Edited by Rabiu Sani-Ali

By Yunus Yusuf
A foundation, the Global Energy Alliance for People and Planet (GEAPP), has promised to support in providing opportunities for more women inclusion in clean energy sector in Africa.

Mr Mohammed Wakil, the country lead for GEAPP, made this assertion during the launch of a report titled, “Empowering Women in Clean Energy: Advancing and Retaining an Equitable Workforce”, in Lagos on Friday.

The News Agency of Nigeria (NAN) reports that the report which focuses on empowering women in clean energy careers across sub-saharan Africa was launched in Lagos.

GEAPP is a foundation based in United Kingdom to serve communities around the world by igniting a green energy revolution that powers progress for people and the planet.

It brings together a diverse range of expertise and experience to support countries’ energy access and transition goals.

According to Wakil, the renewable energy sector is growing exponentially in Africa and also provides many job opportunities for women and men in the industry.

“However, women lag men in leadership and technical jobs in the renewable energy sector.

“Women hold just 22 per cent of jobs in energy production and distribution, according to the International Energy Agency, even though they make up 48 per cent of the global workforce.

“The number is even lower among senior managers: just 14 per cent.

“We are a collective movement working to unlock green energy access to secure an inclusive and resilient future for all.

“We accelerate the green energy transition in emerging economies to drive transformational action and achieve our ambitious goals,” he said.

Wakil said that the strategic launch of the report, a week to International Women’s Day, underlines the significance of the topic.

“Our quest for empowerment in clean energy, emphasises the need for collective action to address gender inequity within the sector.

“Empowering Women in Clean Energy” takes the next step by focusing on the specific workplace barriers hindering women’s advancement and retention within the sector.

“The urgency of tackling gender inequity in the clean energy sector cannot be overstated, and we aim to shed light on the intricate dynamics at play,” he added.

Walik said that the commitment to a just, equitable, and inclusive energy transition was underscored by a focus on positive impacts on women, youth, and marginalised communities.

He added that the provision of renewable energy must foster gender equity for the transition to yield full economic gains.

“We recognise the disproportionate impact of climate change on women and the unique threats it poses to their livelihoods, health and safety.

“GEAPP is actively involved in initiatives that empower women through sustainable and profitable renewable energy businesses.

“Notable examples include the 2.5 million dollars Solar Harnessed Entrepreneurs (SHE) pilot project implemented by CARE Sierra Leone, supported by GEAPP,” he said.

The GEAP representative said that the project targeted over 6,000 women in Sierra Leone, providing them with low-interest loans for solar-powered appliances.

“These women receive training in financial literacy and business management, with a focus on enhancing market access to help their businesses grow.

“The project, not only empowers women as entrepreneurs, but significantly improves their livelihoods, as evidenced by a reported average 25 per cent increase in their incomes,” he said.

Walik said that another noteworthy collaboration was between GEAPP and Shortlist Futures in launching “Women for Green Jobs” (W4GJ), a programme aimed at supporting over 750 women transitioning into clean energy careers.

“In collaboration with “Value for Women” and other partners, the programme seeks to promote gender equity in clean energy workspaces and success on the job.

“The programme spans six countries in Sub-Saharan Africa: Nigeria, Uganda, Sierra Leone, Ethiopia, Kenya, and Malawi.

“This initiative aligns with GEAPP’s commitment to supporting women-led businesses, as exemplified by SOLAD implementing the Iponri Market Standalone Solar for Productive Use (SSPU),” he said.

Walik said that Shortlist and GEAPP would continue to provide initiatives that would announce new findings and help in the advancement and retention of women in the African clean energy sector.

The GEAP representative said that the collaboration would help more women access and succeed in clean energy careers across Africa.

In her remarks, the Director of Shortlist Futures, Ciara Remerscheid, said that women remain severely under-represented across levels of management in clean energy companies.

Remerscheid said that the aim of W4GJ is to help more women access and succeed in clean energy careers in Africa, specifically targeting job placements, career support and employer-level interventions.

“Women experience the greatest repercussions of climate change, which amplifies existing gender inequalities yet, they remain severely under-represented across levels of management in clean energy companies.

“Previous research shows that women hold only a quarter of leadership and manager roles at renewable energy companies in sub-Saharan Africa.

“As investments in climate and clean energy grow in Africa, we need to pay serious attention to female labour force participation in green jobs,” the director said.

She said that Shortlist Futures is a talent advisory firm that provides recruitment services and technology for both leadership hiring and large-scale programs across African startups, social ventures, and mission- driven organisations.

”It was founded in 2016, we have helped place over five thousand people into jobs in the global south, mostly in Sub-Saharan Africa,” she said.

The GEAP representative noted that the collaboration would help more women access and succeed in clean energy careers across Africa.

Makena Ireri, Director of Demand Jobs and Livelihoods at GEAPP, said that a powerful transformation was underway in the African clean energy sector, as companies were making explicit efforts to hire and retain women at every level.

Also, Mrs Opeyemi Awoyeye, who works with Sun King Nigeria as the Customer Engagement Executive, said that she was one of the beneficiaries of the collaboration between GEAP and Shortlist Futures. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

By Emmanuella Anokam

The Federal Government said it had paid over 120 million dollars out of the 1.3 billion dollars owed Gas Suppliers in the country.

The Director, Decade of Gas Secretariat, Mr Ed. Ubong, on Thursday at the ongoing 7th Edition of the Nigeria International Energy Summit (NIES 2024), said the payment was to offset part of the debts.

Ubong spoke at a session tagged, “From Blue Print to Reality: Navigating Nigeria’s Gas Decade and Balanced Narrative on Energy Transitions.”

The session dwelt on gas policy, regulation and sustainable solutions in Liquefied Natural Gas (LNG), Autogas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG) and Gas-to-Power.

He said the arrears gas producers were owed as at 2023 was about 1.3 billion dollars, but between October and the end of January 2024 the government had paid over 120 million dollars.

Ubong said the government was working on a framework that could liquidate the balance of the arrears.

“That’s a piece of work that is ongoing and we hope that it will be approved, and then the industry can move away from those issues,” he said.

He called on all the critical stakeholders in the oil and gas industry to assist the government in its quest to reposition the sector and the country to achieve economic prosperity.

“Sitting at the back of the earth is about 300 million to 600 million scuff of gas which can become available once the OB3 gas pipeline is completed.

“Once OB3 is completed, over 600 million scuff of gas will become available on the network feeding into the Ajeokuta-Kaduna-Kano (AKK) Gas Pipeline.

“We must build a gas capacity. The engineers, the technicians that will work in this new gas sector that we are looking at for the next eight months.

“And at the Secretariat, we are committed to that. We are looking for interns, we are looking for young people who are willing to join us and then provide their time and energy supporting bigger goals of the sector,” he said.

Also speaking, Mr Akachukwu Nwokedi, President Nigerian Gas Association (NGA), decried multiple taxation and levies and existing policy regulations which were affecting the cost of doing business.

“These have to stop and the approach needs to be harmonised and streamlined to enable businesses and encourage investment.

“We can also learn from countries like Australia and others that are very deliberate in implementing friendly policies. We need policies that will enhance Foreign Direct Investment in the gas space,” he said.

He described the Petroleum Industry Act (PIA) as a good legislative tool responsible for some positive steps in the sector.

Recall, in January 2024, the Transmission Company of Nigeria (TCN) had blamed the low power generation and distribution experienced in the country on gas constraints.

TCN explained that shortage of gas supply to the thermal generating companies impacted the transmission grid for onward transmission to the distribution load centres nationwide.

The summit, which has its theme, “Navigating the New Energy World Order: Security, Transition, and Finance,” started Feb. 26 and runs until March 1. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

The Techno Oil Group has clinched the 2024 Energy Downstream Recognition Award at the Nigeria International Energy Summit (NIES 2024).

Mrs Nkechi Obi, the Group Managing Director and Chief Executive Officer, Techno Oil, while receiving the award in Abuja on behalf of the company, described the award as delightful and a great honour.

The NIES Energy Downstream Recognition Award is given annually in recognition of excellence among captains of industry and companies that have made extra-ordinary impact in the downstream of the energy industry.

The company has won a string of awards since 1998 when it opened shop in Nigeria’s crowded downstream sector.

Reacting to the award on the sidelines of the ongoing summit, Obi said the company was extremely honoured and humbled to receive the 2024 NIES Energy Downstream Recognition Award.

“Nothing compares with the joy of working so hard and being recognised with an award.

“We are grateful to the Federal Ministry of Petroleum Resources and the brains behind the award, especially Mr Brevity Anderson for the recognition of our role in the industry,” she said.

Obi dedicated the award to the management and staff of the company for their professionalism, tenacity, hard work and loyalty, the virtues that make the company to shine from year to year.

She recalled the humble beginning of the company, selling and marketing ESSO brand of lubricants as exclusive franchise holder in 1988 growing and growing steadily into a formidable firm.

According to her, Techno Oil has made a giant leap by setting up a 10,000 metric tonnes lubricant blending and manufacturing plant with state-of-the-art Quality Assurance Laboratory for its own brand of ISO-certified lubricants.

Obi described the group as an integrated, wholly indigenous company with diverse portfolios of prime investments in oil and gas, energy, infrastructure and manufacturing focusing on positioning itself as Nigeria’s leading service provider.

She added that the group operates a 65,000 Metric-Ton Fuel Terminal Facility, where all fuels marketed by the group were received, stored and eventually distributed.

“The terminal is equipped with a 200-metre two-finger jetty that aids receipts of petroleum products through coastal supplies from refineries across the world.

“The group is also a major supplier of diesel, petrol, gas oil, marine gas oil, marine fuel oil, kerosene, propane, butane and fuel oil in Nigeria” she said.

In line with the Federal Government’s National Liquefied Petroleum Gas (LPG) Expansion Policy Framework, aimed at deepening the adoption of LPG, Techno Oil Group established 8,400 metric tonnes of LPG Coastal Storage Terminal.

The terminal has the capacity to load 6,000 metric tonnes, an equivalent of 300 trucks of 20 metric tonne load daily.

In addition, it has LPG Bottling and Filling Plants and LPG Skids across the country, with a combined capacity of 2,000 metric tonnes responsible for the daily refill and distribution of over 24,000 bottles of LPG cylinders for both domestic and commercial users.

Techno Oil has also established a fully-automated ultra-modern LPG cylinder manufacturing plant, West Africa’s largest LPG cylinder manufacturing plant, with an annual installed production capacity of over five million pieces of LPG cylinders. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Emmanuella Anokam

The Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said Nigeria had made positive contributions to the organisation since becoming a member in 1971.

Al-Ghais said this in an interview with newsmen on the sidelines of the ongoing 7th Nigeria International Energy Summit (NIES 2024) on Thursday in Abuja.

He described Nigeria as a critical and integral part of the organisation, and that the country had played outstanding roles with positive contributions that had impacted the decisions of OPEC.

He extolled the valuable contributions of Nigeria’s public servants who had served as OPEC Secretary-General and President of OPEC Ministerial Conference, among others.

“It is an honour for me to come to Nigeria, to participate in the 7th summit organised by one of our important member countries in OPEC.

“It is my first official visit to Nigeria since my assumption of office as the OPEC Secretary-General, a long overdue visit.

“I congratulate Nigeria for hosting such a widely attended and effective gathering at a time when it is critically needed not only for Nigeria but for Africa and the world, where energy leads in discussion.

“I had an opportunity of meeting many Nigerian dignitaries and we exchanged views on the status of the global energy market, transition and its implication for Africa and the world at large,” he said.

The OPEC Secretary-General said energy security was an important component, adding that energy transition could not be discussed without looking at energy security.

He said he was happy that the summit also discussed energy poverty, which Africa had recorded with so many people lacking access to basic electricity.

“The summit presented a very good chance for people to discuss all these aspects with a global perspective, as Nigeria takes its transition forward while also continuing to depend on the conventional source of energy, oil and gas,” he said.

According to Al-Ghais, Nigeria and OPEC have things in common as Nigeria became an independent nation in 1960, the same year OPEC was formed.

“The relationship between Nigeria and OPEC will continue to flourish in the years to come with support for each other.

“Nigeria is the largest oil producer in Africa and an important player in the global scene.

“Oil represents such an important part of the Nigerian economy and Nigerian development, and will continue to do so in decades to come,” he added. (NAN)(www.nannews.ng)

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Edited by Salif Atojoko

By Emmanuella Anokam

The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that the outcome of the 2023 UN Climate Change Conference (COP28) and its agreement, reflected OPEC advocacies on pathways towards reducing carbon emission.

The Secretary-General of OPEC, Haitham Al-Ghais, said this while speaking with newsmen on the side-line of the ongoing 7th Nigeria International Energy Summit (NIES 2024) in Abuja.

The summit which has as its theme: “Navigating the new energy world order: Security, Transition, and Finance” began on Feb. 26 and will end on March 1.

The News Agency of Nigeria (NAN) reports that the 28th session of the Conference of the Parties (COP28) to the UN Framework Convention on Climate Change (UNFCCC), held in the United Arab Emirates (UAE) between Nov. 30 and Dec. 13, 2023.

The OPEC Secretary-General lauded the effective participation of the oil gas stakeholders at the COP28 and the successful hosting by the UAE, an OPEC member.

Al-Ghais recalled that the first ever Global Decarbonisation Chatter was signed at the conference ,with over 50 oil and gas producing companies around the world participating.

He said the companies represented around 40 per cent of global production, while five of those companies were from the national oil companies of OPEC member countries.

They pledged to triple renewable energy, reduce methane emissions and double efficiency which had never been achieved in previous COPs.

“We are proud that our member country managed to bring about a successful outcome of the COP28 and the wording in the agreement reflects what OPEC has been advocating for so many years.

“OPEC has been calling for a series of multiple pathways to achieve the same objective.

“We believe that the transition that may happen in one part of the world may not necessarily be a transition suitable for Nigeria or for example, my own country Kuwait.

“The beauty of the outcome of the COP28 is that it laid out a whole range of options for countries to follow through its renewable energies, and the role of technology was emphasised.”

He said that technology and investment were encouraged by developing technology such as Carbon Capture Utilisation and Storage (CCUS), to reduce emission.

He said there were many pathways in the agreement that would enable countries and continents to pursue their own pathway towards reducing the emission.

“The UAE presidency successfully managed to bring all stakeholders to the table, but in previous COPs, unfortunately, the oil and gas industry was excluded; we were not allowed to be at the table.

“COP27 in Egypt was the beginning of our participation in such meetings, while COP28 truly saw effective participation by the oil and gas industry stakeholders, along with others,’’ he said.

He further explained that OPEC had a special section that focuses on expanding dialogue and outreach to consumers.

According to him, OPEC believes that producing and consumer countries must have synergy together.

“We provide stability in the global energy market, through reliable supply; we ensure the market is always balanced and try to create a friendly business environment. (NAN)(www.nannews.ng)

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Edited by Emmanuel Afonne

By Emmanuella Anokam

The Organisation of the Petroleum Exporting Countries (OPEC) says the oil industry will require about 14 trillion dollars investment from now to 2045, to meet global demand.

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

The summit with the theme: “Navigating the new energy world order: Security, Transition, and Finance”, began on Feb. 26 and will end on March 1.

Al-Ghais said that 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.

Al-Ghais also said investment formed part of his meeting with Mr Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.).

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.

The News Agency of Nigeria (NAN) reports that the visit saw the NNPC Ltd. and OPEC pledging to work together to achieve the nation’s aspirations to attract investments and grow production.

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. (NAN)(www.nannews.ng)

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Edited by Maharazu Ahmed