Oil And Gas Is The Solution To The Climate Crisis, Organization Of The Petroleum Exporting Countries (OPEC) Posits At African Energy Week (AEW) 2024 Roundtable
When it comes to the climate crisis, the global oil and gas industry is part of the solution, not the problem. This was underlined by a roundtable at the Organization of the Petroleum Exporting Countries (OPEC) Africa Energy Week: Africa Energy Investment 2024 conference in Cape Town.
With energy demand expected to grow by 24% between now and 2050, the roundtable stressed that prioritizing investment in low-carbon technologies should be at the top of the climate discussion agenda. Indeed, the industry can play a leading role in reducing global greenhouse gas emissions by investing in carbon capture and storage technologies. Cooperation with organizations such as OPEC can accelerate the twin goals of meeting growing demand while reducing global emissions.
“Our position is that climate negotiations must take into account the principles of common differentiated responsibilities and respective capabilities. The Paris Agreement (on climate change) is about reducing emissions, not choosing a fuel source. It is not about moving away from fossil fuels Stay in the ground. Oil and gas are not the culprit, but part of the solution,” said OPEC Secretary-General Haitham Al-Ghais.
Increasing crude oil production remains high on the agenda for many African countries. With more than 600 million people without access to electricity and 900 million without access to clean cooking solutions, the development of crude oil reserves will meet growing energy needs while driving economic growth.
Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, believes that the development of oil and natural gas can become a catalyst for the renewable energy industry. “For African countries, we cannot be told that we should continue to be energy poor and less industrialized. In order to develop solar, wind and green hydrogen, you need financing. There is currently limited investment in these energy sources. Our own goals are Understand how fossil fuels can be used to finance the energy mix,” he said.
Marcel Abeke, Gabon’s Oil Minister and OPEC Chairman, reiterated these remarks, saying “We should speak with a unified voice to fight energy poverty. The majority of our population does not have access to energy, so we need to continue investing in our energy, industry and development of the country.”
Gabon aims to increase crude oil production to 500,000 barrels per day (BPD) in the medium to long term and is promoting investment in natural gas exploration. The country is committed to using its oil and gas industry to drive economic growth.
“We are inviting investors to come and explore so that we can gradually increase production. Gabon not only has oil, but also important gas reserves have been discovered. We are open and willing to invest in this area so that we can increase our production through the development of this area. drive growth,” he added.
Distributed by APO Group on behalf of the African Energy Chamber.
