Excellencies, esteemed delegates, ladies and gentlemen,

It is my pleasure to welcome you to this 4th High-level Meeting of the OPEC-Africa Energy Dialogue. 

This year, we are pleased to hold this important event here in Abuja in conjunction with the Nigeria International Energy Summit.

We have had the opportunity to organize this dialogue in Africa for three years in a row now, with the last two meetings having been hosted in Cairo.

Allow me to also recognize my distinguished colleagues from our partner organizations.

Excellencies, I want to thank each of you for your ongoing support of this dialogue, which continues to move from strength to strength.

With six of our Member Countries hailing from this continent, OPEC continues to prioritize collaboration with Africa and its energy stakeholders. 

This event is a key component in OPEC’s programme of dialogue initiatives, which also include the European Union, China, India, Russia, as well as international organizations and global corporations.

OPEC believes that cooperation and dialogue among all energy stakeholders are absolutely essential factors in effectively addressing our common energy challenges.

Considering our industry’s rapid evolution, this cooperation will become even more important in the years to come.

Our discussions today will cover some timely themes relevant to both the global industry and Africa. These include future oil demand, energy investment and finance, as well as the ever-evolving issue of climate change and energy transitions.

Before we proceed, I would like to briefly share a few of OPEC’s views on these important topics.

We see global energy demand increasing by 24% by 2050, driven by increasing populations, growing economies, rapid urbanization and the need to bring modern energy services to those billions who still suffer without.

In terms of world oil demand, we see it reaching 120 mb/d by 2050 and with no peak on the horizon. Non-OECD nations will be the main sources of this growth, with African oil demand almost doubling to reach close to 9 mb/d by 2050.

This healthy forecasted growth will require enhanced investment across the industry. According to our latest World Oil Outlook, we foresee cumulative oil-related investment requirements from now until 2050 to be approximately $17.4 trillion or around $640 billion per year.

For Africa, in the ground, the future looks bright. It has an estimated 120 billion barrels of proven oil reserves and around 18 trillion standard cubic metres of natural gas.

It will be crucial in the years ahead that policymakers and industry stakeholders across the value chain work together to ensure the necessary funding is secured to develop these resources across the world.

This will be vital for the economic and social development of nations and their peoples, and the industry’s future depends on it.

Those suggesting there is no need for new investment in the oil sector could not be more wrong. OPEC estimates a huge oil market deficit of 23 mb/d by 2030 alone if investment in the global upstream industry stopped today. The ensuing volatility would severely hamper economies, businesses and people across the world.

It is also important to emphasize that the industry’s future expansion will also depend on maintaining market stability.

In this regard, I would like to laud the ongoing efforts of OPEC and its non-OPEC partners of the Declaration of Cooperation who remain committed to ensuring stable energy markets, which is the foundation for incentivizing investments going forward.

On the topic of climate change and energy transitions, developing countries around the world, including those here in Africa, continue to balance priorities between the vital need to support the development of their national economies, while also adapting to ever-shifting dynamics related to climate change.

At the last COP in Baku, OPEC and its Member Countries made their voices heard, advocating for a balanced and fair process on issues related to adaptation, mitigation and the means of implementation, particularly with regard to climate finance and technology.

Our core message remains the same: there is simply no ‘one size fits all’ solution. Different countries around the world have varying capabilities and diverse needs.

Any future energy and climate roadmap must be developed in adherence to the core principles of the United Nations Framework Convention on Climate Change  namely equity, historical responsibility and the principle of common but differentiated responsibilities and respective capabilities.

This is crucial, particularly for Africa, to ensure that its unique circumstances are taken into consideration.

And, in this regard, we must also redouble our efforts to reverse the scourge of energy poverty. It is an unfortunate fact that still today, there are an estimated 685 million people with no access to basic forms of energy, the majority of whom are here in Africa. Additionally, there are about 2.1 billion who still have no access to clean cooking fuels.

This situation is simply not sustainable. Together, let us continue to collaborate as a global industry to advocate for the necessary support and resources to help turn the tides on this tragedy.

Excellencies,

Today, we will have the opportunity to examine these crucial topics in more detail, and I look forward to hearing your valuable insights and perspectives.

Therefore, with no further ado, allow me to turn the floor over now to my esteemed colleagues.

Thank you.