Secretary General of OPEC, Haitham Al-Ghais, has projected that over $17.4 trillion in investments will be required in the global oil industry by 2050 to meet the world’s rising energy demand.
Al-Ghais made this known during his keynote address at the opening of the 24th Nigeria Oil and Gas Energy Week currently taking place in Abuja. Themed “Accelerating Global Energy Progress with Investments, Partnership and Innovation,” the event brings together key stakeholders from across the energy sector.
The OPEC chief praised President Bola Tinubu for Nigeria’s consistent commitment to the organization and its leadership in supporting market stability. He emphasized the critical role of investment, innovation, and partnerships, particularly with global population expected to grow from 8 to 10 billion—mostly in developing countries—by 2050.
In his ministerial address, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), disclosed that the Federal Government injected $17 billion into the oil and gas sector in 2024—marking the end of a decade-long investment drought. He directed stakeholders to boost crude oil production from the current 1.7 million barrels per day to over 2 million barrels as targeted in the 2025 budget.
Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, highlighted Nigeria’s gas potential, citing over 200 million cubic feet in proven reserves. He stressed the importance of harnessing this resource for national development.
The Group CEO of the NNPC Ltd, Bashir Ojulari, reported recent gains in pipeline security but reiterated the need for further investments to drive increased hydrocarbon production.
Earlier, Abdulrazaq Isa, Chairman of the Independent Petroleum Producers Group (IPPG), delivered the industry keynote address, calling for deeper local participation in shaping Nigeria’s energy future.
Reporting by Alambo Datonye