OPEC, GECF Chiefs Affirm Enduring Role Of Oil, Gas In Future Energy Mix

10/10/2024 8:04:35 PM

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Oct 10 (KUNA) - General Secretaries of the Organization of the petroleum Exporting Countries (OPEC) and the gas Exporting Countries Forum (GECF) underlined Thursday that oil and Natural gas would remain essential part of the future energy mix.
"Life without oil and gas is unimaginable," OPEC Secretary General Haitham Al Ghais said at the Fifth High-Level Meeting of the OPEC-GECF Energy Dialogue held in Vienna today.
Al Ghais pointed out that the combined share of oil and gas in the energy mix will remain above 53 percent in 2050, underscoring the critical need for adequate and timely investment to ensure that supply meets demand.
"For oil alone, total investment requirements to 2050 are estimated at USD 17.4 trillion, or around USD 640 billion per year on average," he added.
He highlighted the vital role that oil and gas play in supporting prosperity and progress for all humans, noting that petroleum and petroleum-derived products are essential for almost every aspect of life.
Al Ghais, in his remarks, also stressed the importance and value of the ongoing dialogue and collaboration between OPEC and the GECF.
"These energy realities remind us why the work of our two organizations is so essential and why cooperation between us is so important," he stated.
GECF Secretary General Eng. Mohamed Hamel echoed a similar view.
"The GECF's Global Gas Outlook projects that global primary energy demand will increase by 20 percent, with natural gas demand expected to rise by 34 percent by 2050," he stated.
This underscores the continued importance of natural gas for sustainable development, energy access and sustainability.
He also added that "natural gas is more than just a fuel; it is an essential feedstock in the production of fertilizers and contributes to ensuring global food security."
Hamel emphasized the strong partnership between GECF and OPEC, which has been demonstrated through a series of collaborative initiatives.
Both organizations have made significant strides in data exchange and joint participation in global energy forums. This partnership is vital in navigating the evolving energy landscape and addressing the complexities of today's energy markets.
During the meeting, parties discussed issues related to sustainable development, energy poverty, clean cooking solutions, technology, investment, energy security, data transparency, and knowledge exchange.
They discussed short to long term energy outlooks and the related uncertainties, challenges and opportunities, as well as the upcoming multilateral negotiations.
The meeting highlighted the significance of cooperation at the technical and research level, and noted the positive outcome of the Sixth Technical Meeting of the OPEC-GECF Energy Dialogue held on 3 October 2024.
It was agreed to hold the Sixth High-level Meeting of the OPEC-GECF Energy Dialogue in 2025 in the GECF Headquarters in Doha, the State of Qatar. (end)
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