OPEC cautions against calls to discontinue oil, gas investments

The Organisation Petroleum Exporting Countries (OPEC) has cautioned against the calls for the discontinuation of investments in the oil and gas industry.

Its Secretary-General, Mr. Mohammed Sanusi Barkindo, said this in his virtual honorary chairman keynote address at the Nigerian Oil and Gas conference in Abuja. Speaking on the theme: “Global oil market dynamics in a decarbonising world,”

Barkindo described the development of renewables energies as a welcome development. According to him, in the past years there had been headlines over the uncertainty and volatility that the COVID-19 pandemic has brought in relations to climate change and energy transition.

He said, consequently, countries were attempting to adapt to the rapidly-changing dynamics in the energy industry in an effort to adapt and mitigate the impacts of climate change. He added that these voices have emerged particularly in the context of the net-zero 2050 emissions discussions.

The SG submitted that the fact is, however, that oil and gas have an important role to play in the energy transition. Cautioning against the discontinuation of investment in the industry, Barkindo said: “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.