OPEC: Africa must harness its 120bn barrels of oil reserves for energy security

The Organisation of the Petroleum Exporting Countries (OPEC) has tasked Africa with unlocking its proven oil reserves of over 120 billion barrels.

Haitham Al-Ghais, secretary-general of OPEC, spoke on Wednesday while delivering a keynote address titled ‘Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier,’ at the ongoing Nigeria International Energy Summit (NIES) in Abuja..

The summit, which began on Monday and ends on Thursday, has the theme ‘Bridging continents: Connecting investors with Africa’s Energy Potential’.

Al-Ghais said Africa with around 18 trillion standard cubic metres of natural gas, was a testament to the continent’s crucial role in the global energy landscape.

“The world will need more of this oil in the future. Therefore, it is critical that the African oil and gas industry attracts the level of investment necessary to unlock this great potential,” he said.

The secretary-general said the vast resources at Africa’s disposal should not be disregarded or neglected merely to accommodate the energy transition agenda pushed by Western nations.

According to Al-Ghais, OPEC’s market research and forecasting point to the importance of Africa.

“Additionally, we know from Nigeria’s countless contributions to OPEC’s successes, how rewarding it is to work in this great nation. We encourage all potential investors to look at Nigeria’s oil and gas industry,” he said.

He further highlighted the strong and enduring relationship between OPEC and Africa, noting that half of OPEC’s member countries are from the continent, including Nigeria, the most populous African nation, and Algeria, the largest in geographical size.

Other African OPEC members include Congo, Gabon, Equatorial Guinea, and Libya.

He also lauded Africa’s youthful and dynamic population, which he said presents a strong workforce for the oil sector.

“It’s crucial to discuss how we can unlock the potential that this great continent holds, and how to create an investment-enabling environment that attracts the capital necessary to fully realize that potential,” he said.

“The investment needs of the oil industry are substantial, with cumulative requirements amounting to $17.4 trillion by 2050.

“This is why stability in the oil market is essential for investors to plan effectively.”

Al-Ghais also expressed appreciation to the leadership and people of Nigeria for their hospitality and thanked the summit organisers for their efforts in organising this year’s edition.