By Teddy Nwanunobi
The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), H.E. Muhammad Barkindo, has charged energy companies to meet the rising requirements, as projected by OPEC’s World Oil Outlook 2021.
Barkindo, who hosted the First Technical Workshop with energy companies via videoconference, on Tuesday, told the firms that all forms of energy, including oil and gas, will be required to meet these rising requirements.
He also emphasised the critical issue of long-term industry investment and its impact on the sustainability of the industry.
“We have intensified our efforts to hold informal meetings and exchange information with international oil companies”
“We estimate that cumulative oil-related investment requirements will total approximately $11.8 trillion from 2021 to 2045. We could see a supply shortfall and the potential for unwanted volatility and risks to energy security,” if these requirements are not met.
The OPEC Secretary General opened the meeting by highlighting the importance and timeliness of the workshop.
“This inaugural event signifies a new milestone in OPEC’s ongoing outreach efforts and builds on our long tradition of promoting partnerships with a wide range of industry stakeholders, including public and private sector organisations and corporations.
“OPEC has a long, historical connection to its member country’s national oil companies, and, more recently, we have intensified our efforts to hold informal meetings and exchange information with international oil companies,” Barkindo said.
The Secretary General continued by underscoring the significant role that oil and gas are expected to play globally in the years ahead.
In reference to the climate change issue and the upcoming COP26 Conference, the Secretary General underlined the need to adopt an inclusive, fair and balanced approach when addressing the energy transition.
“Let me make it clear that OPEC supports the need to reduce greenhouse gas emissions, bolster innovation and enhance efficiency. However, this cannot come at the cost of depleting industry investment. The fact remains: the world needs energy, energy requires investment and investment relies on companies,” he stated.
In its first iteration, the workshop attracted more than 100 participants, including national oil company delegates from both OPEC member countries and non-OPEC countries participating in the Charter of Cooperation (CoC), in addition to participants from international oil companies, as well as industry experts and analysts.
Presentations and discussions centred on a number of key issues relevant to the energy sector, including perspectives of national and international oil companies on the role of petroleum in the energy transition, efforts to bolster carbon capture projects, opportunities and challenges associated with the rapidly changing industry dynamics, as well as topics related to COP26 scheduled from October 31 to November 12 in Glasgow.
The Workshop constitutes OPEC’s latest outreach initiative to promote dialogue and international cooperation in support of its overarching objective of fostering a sustainable stability in the global oil market.
The event serves as a dynamic platform for national and international oil companies to discuss issues of mutual interest and exchange outlooks on the energy markets.
Valuechain reports that the workshop constitutes OPEC’s latest outreach initiative to promote dialogue and international cooperation in support of its overarching objective of fostering a sustainable stability in the global oil market.
The event serves as a dynamic platform for national and international oil companies to discuss issues of mutual interest and exchange outlooks on the energy markets.