The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, has urged African countries to unlock the continent’s oil reserves of over 120 billion barrels with improved investments.
Al-Ghais gave the advice on Tuesday while speaking at the ongoing Nigeria International Energy Summit (NIES) 2025 in Abuja, where he delivered a keynote address and participated in a high-level panel on “Driving Cross-Continental Investments: Scaling Africa’s Energy Frontier.”
The OPEC chief stressed that the continent’s proven oil reserves of over 120 billion barrels, is a testament to its crucial role in the global energy landscape.
He argued that global energy demand is expected to rise, therefore Africa’s oil and gas sector must attract sufficient investment to harness its full potential.
”Africa will play a crucial role in our energy future. The continent’s proven oil reserves amount to around 120 billion barrels. The world will need more of this oil in the future. Therefore, it is critical that the African oil and gas industry attracts the level of investment necessary to unlock this great potential”, Al-Ghais stated.
Misguided energy policies would hurt Africa’s energy development
Al-Ghais warned that following “misguiding policy recommendations” and “overly ambitious” global energy targets would hurt Africa’s energy development.
The OPEC Chief urged developing countries, particularly in Africa to disregard what he described as “extreme and wishful thinking” in global energy discourse.
He said arbitrary targets and deadlines on reducing carbon emissions and other climate change narratives could be detrimental to Africa’s energy future.
“In recent years, the world has been bombarded by a swathe of misguiding policy recommendations, overly ambitious targets, and arbitrary deadlines that amount to extreme and wishful thinking. If such calls were heeded, we can only shudder at the possible consequences for developing countries and Africa,” he said.
He urged African countries to exercise caution in adopting global energy policies and targets, as such could have dire consequences for them.
Al-Ghais stressed the need for a balanced and realistic approach to addressing global energy challenges such as delivering energy security, meeting rising energy demand, reducing emissions, and increasing access to energy for those without it.
What you should know
- This warning by the OPEC Chief is coming amid growing debates on energy transition and the push for cleaner alternatives to fossil fuels.
- Meanwhile, some energy experts and policymakers in Africa are advocating for a “just energy transition” that allows countries to develop their oil and gas resources while meeting economic and development goals.
- However, some are advocating for African countries to disregard calls for the reduction of emissions and focus on harnessing its cheap fossil fuels.
