The Organisation of Petroleum Exporting Countries (OPEC) says the oil and gas industry must leverage world’s most cutting-edge technologies and advanced innovations to promote a lower carbon future.
This, according to the body, is necessary in terms of reducing emissions.
Dr Mohammad Barkindo, OPEC Secretary-General, made this known on Thursday, March 10, 2022, at the ongoing CERAWeek 2022 Agenda in Houston, Texas, with the theme “Pace of Change: Energy, Climate and Innovation”.
Barkindo spoke at the Nigeria Energy Forum tagged: “Oil and Gas Investments: The Future of Fossil Fuels Amid the Quest for Decarbonisation”.
He said in his address that from the perspective of science and innovation, certain technologies were viable options for reducing the carbon footprint.
The secretary-general listed such technologies as Carbon Capture, Utilisation and Storage (CCUS), hydrogen, among others.
Barkindo said energy efficiency programmes would also be vital, such as the Circular Carbon Economy, with its four ‘Rs’ – Reduce, Reuse, Recycle and Remove – that could provide a balanced and inclusive solution for dealing with greenhouse gas emissions.
Moreover, he said that OPEC welcomed the development of renewables, adding that many of its Member Countries were leading the way with huge investments in solar and wind resources.
“We also need to be cognisant that the move to renewables and electric vehicles is highly reliant on the steady, robust supply of critical minerals, such as copper, cobalt, lithium, nickel and aluminium, many of which are produced in a geographically centralised area.
“We must also consider that the amount of mineral material needed to produce energy is higher than with fossil fuels.
“For example, a typical electric car requires six times the mineral inputs than that needed to power a conventional vehicle with fossil fuels, and an onshore wind plant requires nine times more mineral resources than a gas-fired plant of the same capacity.
“When looking at the data, science and recent events, it is clear that there is no ‘one size fits all’ solution to reducing emissions, and ensuring energy security and energy affordability.
“Different countries around the world have varying capabilities and diverse needs, particularly in relation to equity, historical responsibility and the principle of common but differentiated responsibilities and respective capabilities,” he said.
Barkindo said that reducing emissions had many paths, as set out by the Intergovernmental Panel on Climate Change (IPCC), and all of them must considered as viable options.
He assured the forum that OPEC would continue to work closely with its Member Countries on these issues.
“What is clear is that oil and gas have an important role to play in the energy transition. When considering the scale of the energy transition, we must harness all available energies.
“OPEC supports the need to reduce emissions, bolster efficiency and embrace innovation, but we must also be aware of the risk we run of not investing adequately in the future of this industry.
“For countries that are oil and gas producers like Nigeria, that rely on these resources for vital revenues, that are developing countries, and that require significant investment, it is essential we make our voices heard,” Barkindo said.
By Emmanuella Anokam