Oil sector requires $12.1 trillion investment up to 2045: OPEC chief

The global oil industry will need an investment of $12.1 trillion up to 2045, Haitham Al Ghais, the secretary-general of the Organization of Petroleum Exporting Countries (OPEC), said on Tuesday.

Al Ghais remarked during the Nigerian Oil and Gas Conference held in Abuja between July 9 and 13 that the industry is not currently on track to meet the amount of investment required.

He affirmed the need for all forms of energy given that global energy demand is expected to climb 23% by 2045.

He stressed the urgency for innovative solutions such as carbon capture, utilization and storage, hydrogen projects, and a circular carbon economy, which has received a positive endorsement from G20 countries.

• Organization of Petroleum Exporting Countries