The Organization of the Petroleum Exporting Countries (OPEC), a highly successful track record of supporting Nigeria’s oil and gas industry took a massive leap forward in 2021 when the Petroleum Industry Bill (PIB) was promulgated into law.
Secretary-general, Dr. Mohammad Barkindo, made this commendation on Monday at the Presidential Villa, Abuja at the opening of the Fifth Nigeria International Energy Summit (NIES 2022).
President Muhammadu Buhari was represented by the minister of state petroleum resources, Chief Timipre Sylva, at the opening ceremony, Barkindo took part in the opening ceremony, and also in the panel session titled, ‘Revitalizing the industry, future fuels and energy transition,’ all held yesterday a the opening session of the summit.
“At OPEC, we very much consider President Buhari as one of our own. An OPEC veteran, who has been heavily involved in the organization’s affairs for decades,” he said, adding, Buhari has maintained an avid interest in our organization and “we all draw inspiration from his commitment.”
The outgoing secretary general continued by commending Nigeria’s leadership for enacting the Petroleum Industry Act. “This long-awaited legislation for the oil and gas sector is bringing about the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract much-needed investment in a sustainable manner,” he stated.
He praised the constructive and positive relationship between OPEC and the African continent. “African countries have historically assumed strong, proactive leadership roles in OPEC.
“The strong bonds between OPEC and Africa reflect the critical role that the great continent, with its young, vibrant and talented population, will play in the future of the energy industry,” he noted.
OPEC currently has seven member countries from Africa, namely Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya and Nigeria, and the latter is the highest producing.
During the panel session, the secretary general, in pre-recorded remarks, emphasized the importance and relevance of the session’s theme, noting that “public discourse around energy, climate and sustainable development has become increasingly noisier and more forceful” in recent years.
He stressed that Africa possesses great potential, particularly an abundance of natural resources, noting that the continent remains “relatively unexplored, with approximately 125 billion barrels of proven oil reserves and 16 trillion standard cubic metres of natural gas.”
On the energy transition, the outgoing secretary general said the “energy affordability, energy security and the need to reduce emissions require a delicate balancing act, comprehensive and sustainable solutions, and with all voices heard, and listened to.
“Focusing on only one of these issues, while ignoring the others, can lead to unintended consequences, such as market distortions,” he added.
Sylva; Gabriel Mbaga Obiang Lima, Equatorial Guinea’s minister of industry, mines and energy; Joseph McMonigle, secretary general of the International Energy Forum (IEF); and Dr Omar Farouk Ibrahim, secretary general of the African Petroleum Producers’ Organization (APPO), were among the participants in the session.
By Chidi Ekpewerechi
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