Africa’s 125 billion oil reserves at risk – OPEC – Nigeria – The Guardian Nigeria News – Nigeria and World News
The energy transition threatens 16 tscm of gas
The Organization of the Petroleum Exporting Countries (OPEC) has warned that the continued push against hydrocarbons could threaten the future of crude oil and gas reserves in Africa.
As the continent has around 125 billion reserves of crude oil and 16 trillion standard cubic meters of natural gas, OPEC Secretary General Sanusi Barkindo feared that growing pressure to abandon oil and gas would affect the production of reserves.
Speaking at the Nigeria Energy Forum organized by Energy and Corporate Africa, alongside CERA Week in Houston, Barkindo said discussions on climate change and energy transition are more about emotion than facts.
“This is wrong. Rational discussions must be grounded in facts, hard data and science and include all stakeholders. Additionally, we see investors, environmental lobbyists and even some corporate boards lobbying oil and gas companies and governments to pursue increasingly radical policies and initiatives that may ultimately be more disruptive than productive for the global energy industry,” Barkindo said. . noted.
While the need for net-zero remains critical according to him, the massive challenges for developing countries like Nigeria must be put into perspective, given the energy poverty on the continent.
Barkindo said: “We must continually remember that access to affordable, reliable, sustainable and modern energy is a right for all, not a privileged few, and is enshrined in Sustainable Development Goal 7. United Nations.
“The sad reality for developing countries is that 759 million people worldwide lacked access to electricity in 2019, with around 79% of them in Africa.”
Adding that around 2.6 billion people (34% of the world’s population), who lacked access to clean cooking fuels and technologies, 70% of them Africans, Barkindo said in Nigeria alone in 2019 , only 55% of the population had access to electricity and only 13% had access to clean cooking fuel.
According to the head of OPEC, the figures for energy poverty in Africa are glaring, and Africa alone represents less than 3% of global emissions.
“We must also remember in the energy poverty debate that Africa is still relatively unexplored in terms of oil and gas, endowed with around 125 billion barrels of proven oil reserves and 16 trillion standard cubic meters of natural gas.
“The capacities and national circumstances of developing countries must be taken into account in all actions,” he said.