OPEC Urges Nigeria to Seize $14trn Investment Opportunity in Oil Market

In a bid to tap into the burgeoning $14 trillion investment opportunity in the global oil market by 2035, the Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to ramp up oil production.

This counsel was shared by OPEC’s Secretary General, Haitham Al-Ghais, during his recent visit to the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, at the NNPC Towers in Abuja.

Al-Ghais emphasised the necessity for substantial investments, citing the growing demand for energy worldwide despite mounting opposition to oil and gas. He underscored the imperative for NNPC Ltd. to capitalise on this opportunity and boost production to maintain its position as a dependable energy source on the global stage.

According to a statement by the spokesperson for NNPCL, Olufemi O. Soneye, OPEC aligns with NNPC Ltd.’s holistic approach to energy, as encapsulated in its motto: “Energy for Today, Energy for Tomorrow.” Al-Ghais reiterated the importance of viewing energy inclusively, countering the notion that certain energy sources are inherently detrimental.

In his address, Al-Ghais emphasised OPEC’s commitment to fostering market stability, a prerequisite for attracting investments. He stressed that Nigeria’s support is vital in achieving this stability, highlighting the detrimental effects of market volatility on both producers and consumers.

Echoing this sentiment, Kyari affirmed NNPC Ltd.’s dedication to restoring lost production levels and creating a conducive fiscal environment to incentivise investments.

He acknowledged the collaborative efforts required to navigate the evolving landscape of the global oil market successfully.

Altogether, OPEC’s counsel serves as a clarion call for Nigeria to seize the vast investment potential within the oil market, underscoring the importance of proactive measures to sustainably meet global energy demands amidst shifting paradigms.