The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Sanusi Barkindo, spoke at the opening ceremony of the Nigerian Oil and Gas (NOG) conference in Abuja earlier this week.

He advised oil-producing nations to maintain guided investment in the oil and gas industry ahead of the net-zero carbon emission target by 2050, as it has a vital role to play in the ensuing climate change.

He spoke on the theme: “Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth.” The SG was the honorary conference chairman and in his keynote address titled “Global Oil Market Dynamics in a Decarbonising World” he described the call as a dangerous and unrealistic scenario, noting that these voices have emerged in the context of discussions about net zero emissions by 2050.

In his words: “Let me be clear, OPEC supports the need to reduce emissions, bolster efficiency and embrace innovation, but we must be aware of the risk we run of not adequately investing in the future of this industry. We are already dealing with the harsh impacts the COVID-19 pandemic has had on investment, which declined by 30 per cent in 2020.”

“The fact is, however, that oil and gas have an important role to play in the energy transition. Let me be clear, OPEC supports the need to reduce emissions, bolster efficiency and embrace innovation, but we must be aware of the risk we run of not adequately investing in the future of this industry.”