BAKU, Azerbaijan, October 3. OPEC Secretary General Haitham Al Ghais emphasized the long-term outlook for global energy and the importance of investment in oil and gas during the KAZENERGY forum in Astana, Trend reports.
"It might appear that the decisions of OPEC and OPEC+ are aimed solely at the short term. But this is not the case. We do look at all time frames and well into the future ahead," Al Ghais said. "We want to ensure that we have a platform for future growth, for future investments, and for future oil production".
He highlighted the rising global energy demand driven by population growth, urbanization, and new energy-intensive industries. "Year after year, the world continues to consume more oil. Last year, consumption of gas, coal, oil, renewables, all reached record levels. The world needs more from all energies," he noted.
Al Ghais also underlined the scale of urbanization, using Astana as an example. "The urbanization drive would require the addition of approximately 360 cities the size of Astana from now to 2030 alone," he said. "This means our future needs to reduce emissions, but it also needs to deliver energy security, affordability, and availability for all".
The OPEC Secretary General stressed the need for continued investment in the oil sector. "OPEC's research flagship shows the oil sector alone requires investments of around $18.2 trillion from now to 2050 — close to $700 billion per year," he said. "For those who believe the world does not need new investment in oil and gas projects, I have a very simple three-word response: You are wrong".
Al Ghais highlighted Kazakhstan’s strategic role in meeting future energy needs. "Kazakhstan is rich in resources and has the potential to play a vital role in our oil and energy futures with huge fields and reserves such as Tengiz and Kashagan. Kazakhstan has proven oil reserves of around 30 billion barrels, close to 2% of global reserves. Moreover, it has significant gas resources and is well-positioned as a regional energy hub," he said.