Haitham Al Ghais, secretary general of the Organization of the Petroleum Exporting Countries (OPEC), has stated that the oil exploration and production sector will require approximately $11.1 trillion in investments by the year 2045.
In an interview with the Emirati News Agency (WAM), the OPEC Secretary General uderscored the need for increased investments in the oil industry due to the growing global demand for energy. He estimated that the upstream sector would require investments of around $11.1 trillion, while the downstream sector would need approximately $1.7 trillion, and the midstream sector would require investments of $1.2 trillion by 2045.
Al Ghais expressed his belief that allocating more investments in the oil industry would contribute to the sustainability of the global energy sector. He highlighted the importance of securing reliable energy supplies for the world and future generations, as well as promoting global energy security and reducing emissions. He also emphasized the role of OPEC member states in addressing critical global issues such as climate change and energy transition.
OPEC’s role in climate change negotiations
The Secretary General pointed out to OPEC’s active involvement in climate change negotiations and its commitment to its global significance. He mentioned that OPEC facilitates information exchange and supports its members in implementing strategies to reduce emissions and promote environmentally friendly practices in the oil and energy industry.
Al Ghais pointed out that OPEC members consistently announce and implement initiatives to achieve ambitious climate goals. He emphasized the organization’s focus on innovative projects that leverage diverse natural resources and sector-specific expertise, such as carbon capture, utilization, and storage, to enhance sustainability across all aspects of the oil industry.
Furthermore, Al Ghais spotlighted the investments made by OPEC member states in oil, hydrogen, and renewable energy. He stressed that oil is not only a valuable energy source but also plays a crucial role in the production of materials for renewables. He underlined its importance in manufacturing wind turbines, solar panels, and Lithium-ion batteries used in electric cars.
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