Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al Ghais has said that the oil exploration and production sector needs investments estimated at $11.1 trillion by 2045.
Speaking to the Emirati news agency, WAM, the OPEC Secretary General said the increase in investments in the oil industry comes in light of the increase in global demand for energy, as the upstream sector needs investments estimated at $11.1 trillion, the downstream sector about $1.7 trillion, while the midstream sector requires investments of $1.2 trillion by 2045.
“Allocating more investments in the oil industry will contribute to promoting the sustainability of the global energy sector, securing sufficient and reliable supplies for the world as a whole, and ensuring secure supplies for future generations,” Al Ghais said.
He then highlighted the importance of investments in the energy sector for global energy security and emission reduction, and emphasized the role of member states in addressing critical global issues like climate change and energy transition.
Al Ghais highlighted the organization's active involvement in climate change negotiations, emphasizing member states' belief in its global significance.
He said OPEC facilitates information exchange and supports members in implementing strategies to reduce emissions, fostering environmentally friendly practices in the oil and energy industry.
The secretary-general noted that OPEC members consistently announce and implement initiatives to meet ambitious climate goals.
“These efforts include innovative projects leveraging diverse natural resources and sector-specific expertise to develop technologies such as carbon capture, utilization, and storage, enhancing sustainability across all facets of the oil industry,” he said.
Al Ghais highlighted investments in oil, hydrogen, and renewable energy by member states.
He stressed the importance of oil not just as an energy source but also for materials in renewables, stressing it is the main source for the manufacturing of wind turbines and solar panels and the Lithium-ion batteries used in electric cars.
