OPEC holds inaugural technical workshop with energy companies

The OPEC Secretariat today hosted the First Technical Workshop with Energy Companies via videoconference.

The Workshop constitutes the Organization’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.

OPEC Secretary General, HE Mohammad Sanusi Barkindo, opened the meeting by highlighting the importance and timeliness of the workshop, stating, “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 organizations and corporations.”

“OPEC has a long, historical connection to its Member Country national oil companies, and, more recently, we have intensified our efforts to hold informal meetings and exchange information with international oil companies,” Barkindo added.

The Secretary General continued by underscoring the significant role that oil and gas are expected to play globally in the years ahead.

Referencing OPEC’s World Oil Outlook 2021, HE Barkindo noted that primary energy demand is projected to increase by 28 per cent in the period to 2045, and thus all forms of energy, including oil and gas, will be required to meet these rising requirements.

The Secretary General also emphasized the critical issue of long-term industry investment and its impact on the sustainability of the industry.

“We estimate that cumulative oil-related investment requirements will total approximately $11.8 trillion from 2021 to 2045,” he noted, adding, “We could see a supply shortfall and the potential for unwanted volatility and risks to energy security” if these requirements are not met.

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,” he stated. “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.”

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, 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 for 31 October to 12 November in Glasgow.