April 20, 2024
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OIL & GAS

Oil and Gas Industry Requires $14 Trillion Investment by 2035 – OPEC

Secretary General of OPEC, Haitham al-Ghais, has emphasized the substantial investment required in the oil and gas sector to meet global demand, estimating $14 trillion needed by 2035.

Haitham stated this during his visit to Abuja, Nigeria’s capital on Wednesday, where he engaged in discussions with Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, at the NNPC Towers.

He stressed the importance of boosting production to ensure a steady energy supply to the world, urging NNPC Ltd. to play its part in meeting this critical need.

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The OPEC Secretary General commended the commitment of NNPC Ltd, the Nigeria state-owned oil firm to providing energy for both current and future generations, contrasting it with viewpoints that demonize certain energy sources.

“We are committed to maintaining market stability. A stable global market is essential for Nigeria to attract investors.

“Volatility and instability only breed chaos, affecting both producers and consumers. We rely on Nigeria’s support in this endeavour,” stated the OPEC Secretary General.

Mele Kyari, Group CEO of NNPC Ltd, reaffirmed the company’s dedication to ramping up production and creating an attractive fiscal environment for investments.

He expressed gratitude for OPEC’s ongoing support and pledged NNPC Ltd.’s continued collaboration with the organization.

Despite the growing advocacy for transitioning to renewable energy, the oil and gas industry remains alluring to investors.

According to the International Energy Agency (IEA), the sector attracted over $500 billion in investment, indicating sustained interest despite the evolving energy landscape.

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