Energy Week: OPEC lauds African bonds in energy industry

The Secretary General, Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammad Barkindo, has commended the strong bonds played by Africa in the energy industry.

Barkindo said this in a keynote address delivered at the opening of the African Energy Week in Cape Town, South Africa on Tuesday.

He said that the strong bonds reflect critical roles which the contitnent would play in the energy industry in the future.

“We foresee a bright future for Africa’s oil industry with significant opportunities for growth. The continent is home to five of the top 30 oil-producing countries in the world and several top gas-producing nations.”

“The world will continue to rely on Africa’s precious resources in the long-term in order to meet the rapidly rising global demand for oil and gas.”

“Africa has a young and vibrant population. The Middle East and Africa region are currently experiencing a swift rate of population growth.”

“By 2045, it is forecast to be the leading region by overall population, adding 762 million people in the period 2020-2045,” Barkindo said.

He explained that in 2019, before the emergency of the COVID-19 pandemic, Africa produced approximately 8.5 mb/d of oil, representing nine per cent of world output.

Barkindo added that the continent’s proven oil reserves amounted to around 126 billion barrels at the end of 2019.

He, however, noted that Nigeria held the majority with an estimated 36.9 billion barrels or 29 per cent of the continent’s total reserves.

Barkindo commended the African Energy Chamber for organising the event which brought together stakeholders in the energy industry across the continent to discuss pressing issues.

He expressed appreciation to Gwede Mantashe, South Africa’s Minister of Mineral Resources and Energy; Dr Diamantino Azevedo, Angola’s Minister of Mineral Resources and Petroleum and President of OPEC Conference 2021.

He further thanked Chief Timipre Sylva, Minister of State for Petroleum Resources of Nigeria; Bruno Itoua, Minister of Hydrocarbons of Congo and all who worked tirelessly to ensure the success of the African Energy Week.

Barkindo, while stating that African countries have historically assumed strong, proactive leadership roles in OPEC, stated that Angola currently holds the Presidency of the OPEC Conference and will be succeeded by Congo next year.

“In September of this year, we celebrated a monumental milestone, the golden anniversary of Nigeria joining OPEC in 1971. Recent years have seen an expansion of the African presence in our organisation.”

“Congo became a Member Country in 2018, Equatorial Guinea joined in 2017 and Gabon rejoined in 2016. This consolidates the incredibly positive, constructive and fruitful roles played by Libya since it joined our organisation in 1962.”

“What is remarkable are the number of key events that took place in African cities. From the ninth meeting of the OPEC vonference in Tripoli in 1965, critical meetings and conferences have been held,” he said.