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  •  Organisers of the 2022 Nigeria Oil amp Gas NOG Conference and Exhibition have called off the conference s night A statement by the organisers DMG Events said the development was in honour of the late Secretary General of the Organisation of the Petroleum Exporting Countries OPEC Dr Mohammad Barkindo The News Agency of Nigeria reports that Barkindo died in Abuja on Tuesday night NNPC a Principal Sponsor of the event since year 2000 had requested that all outstanding activities of the conference be cancelled following the death of the late international energy icon Barkindo died at the age of 63 after attending the opening of the NOG Conference where he delivered a keynote address at the event He was the Group General Manager of the NNPC after which he became the OPEC boss Barkindo was buried in his hometown Yola Adamawa State according to Islamic rites on Wednesday NewsSourceCredit NAN
    Barkindo’s death: NOG organisers call off 2022 dinner/award night
     Organisers of the 2022 Nigeria Oil amp Gas NOG Conference and Exhibition have called off the conference s night A statement by the organisers DMG Events said the development was in honour of the late Secretary General of the Organisation of the Petroleum Exporting Countries OPEC Dr Mohammad Barkindo The News Agency of Nigeria reports that Barkindo died in Abuja on Tuesday night NNPC a Principal Sponsor of the event since year 2000 had requested that all outstanding activities of the conference be cancelled following the death of the late international energy icon Barkindo died at the age of 63 after attending the opening of the NOG Conference where he delivered a keynote address at the event He was the Group General Manager of the NNPC after which he became the OPEC boss Barkindo was buried in his hometown Yola Adamawa State according to Islamic rites on Wednesday NewsSourceCredit NAN
    Barkindo’s death: NOG organisers call off 2022 dinner/award night
    Oil & Gas5 months ago

    Barkindo’s death: NOG organisers call off 2022 dinner/award night

    Organisers of the 2022 Nigeria Oil & Gas (NOG) Conference and Exhibition have called off the conference’s night.A statement by the organisers, DMG Events, said the development was in honour of the late Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), Dr Mohammad Barkindo.The News Agency of Nigeria reports that Barkindo died in Abuja on Tuesday night.NNPC, a Principal Sponsor of the event since year 2000 had requested that all outstanding activities of the conference be cancelled following the death of the late international energy icon.Barkindo died at the age of 63 after attending the opening of the NOG Conference where he delivered a keynote address at the event.He was the Group General Manager of the NNPC after which he became the OPEC boss.Barkindo was buried in his hometown Yola, Adamawa State, according to Islamic rites on Wednesday.NewsSourceCredit: NAN

  •  The Organisation of the Petroleum Exporting Countries OPEC has tasked the Federal Government to develop new technologies strengthen human capacity and innovation to meet the world s growing need for energy OPEC said regular investment was needed in view of global oil sector requirement of cumulative investments of 11 8 trillion U S dollars in the upstream midstream and downstream through to 2045 to meet energy expectations Dr Mohammad Barkindo OPEC Secretary General made this known in his keynote address at the official opening of the ongoing 21st NOG Conference and Exhibition on Tuesday in Abuja The conference has its theme as Funding the Nigerian Energy Mix for Sustainable Economic Growth Barkindo said that new technologies and regular investments would shrink Nigeria s overall environmental footprint and expand access to underserved communities I am confident that the implementation of the Petroleum Industry Act will help unlock the full potential of our petroleum industry strengthen its ability to attract long term investment as well as support a dynamic and diverse economy If our National Oil Companies NOCs are to continue to innovate and flourish it is of utmost importance that they have predictable and unfettered access to investment capital Regular Investment at adequate levels is the lifeblood of our industry It is essential if we are to develop new technologies strengthen our human capacity and remain leaders in innovation he said The OPEC secretary general said the industry was facing huge challenges along multiple fronts and these are currently threatening investment potential and in the longer term To put it bluntly the oil and gas industry is under siege For starters the evolving geopolitical developments in Eastern Europe the ongoing war in Ukraine the ongoing COVID 19 pandemic and inflationary pressures globally have come together causing significant volatility and uncertainty in the commodity and energy markets Against this backdrop a number of industrialised countries and multilateral institutions continue to pursue stringent policies aimed at accelerating the energy transition and fundamentally altering the energy mix Barkindo said He said in a very short timespan the industry had been hit by two major cycles the severe market downturn in 2015 and 2016 and the even more far reaching impact of the COVID 19 pandemic He described 2020 the first year of the pandemic as one of the darkest periods in the history of oil upstream oil capital expenditure which fell by around 30 per cent This he said exceeded the colossal 26 per cent annual declines experienced during the severe industry downturn in 2015 and 2016 He said the OPEC also projected that total primary energy demand would expand by a robust 28 per cent in the period to 2045 According to him oil is expected to retain the largest share of the energy mix accounting for just over a 28 per cent share in 2045 followed by gas at around 24 per cent In other words he said oil and gas together would continue to supply more than half of the world s energy needs for many decades These hydrocarbons are especially vital to the energy mix in regions like Africa which will see massive population shifts and economic growth in the coming years These developments increase the urgency of eradicating energy poverty The impacts of the two major market cycles are manifesting themselves in real time he said NewsSourceCredit NAN
    OPEC tasks FG on technologies, says global oil sector requires .8trn investments
     The Organisation of the Petroleum Exporting Countries OPEC has tasked the Federal Government to develop new technologies strengthen human capacity and innovation to meet the world s growing need for energy OPEC said regular investment was needed in view of global oil sector requirement of cumulative investments of 11 8 trillion U S dollars in the upstream midstream and downstream through to 2045 to meet energy expectations Dr Mohammad Barkindo OPEC Secretary General made this known in his keynote address at the official opening of the ongoing 21st NOG Conference and Exhibition on Tuesday in Abuja The conference has its theme as Funding the Nigerian Energy Mix for Sustainable Economic Growth Barkindo said that new technologies and regular investments would shrink Nigeria s overall environmental footprint and expand access to underserved communities I am confident that the implementation of the Petroleum Industry Act will help unlock the full potential of our petroleum industry strengthen its ability to attract long term investment as well as support a dynamic and diverse economy If our National Oil Companies NOCs are to continue to innovate and flourish it is of utmost importance that they have predictable and unfettered access to investment capital Regular Investment at adequate levels is the lifeblood of our industry It is essential if we are to develop new technologies strengthen our human capacity and remain leaders in innovation he said The OPEC secretary general said the industry was facing huge challenges along multiple fronts and these are currently threatening investment potential and in the longer term To put it bluntly the oil and gas industry is under siege For starters the evolving geopolitical developments in Eastern Europe the ongoing war in Ukraine the ongoing COVID 19 pandemic and inflationary pressures globally have come together causing significant volatility and uncertainty in the commodity and energy markets Against this backdrop a number of industrialised countries and multilateral institutions continue to pursue stringent policies aimed at accelerating the energy transition and fundamentally altering the energy mix Barkindo said He said in a very short timespan the industry had been hit by two major cycles the severe market downturn in 2015 and 2016 and the even more far reaching impact of the COVID 19 pandemic He described 2020 the first year of the pandemic as one of the darkest periods in the history of oil upstream oil capital expenditure which fell by around 30 per cent This he said exceeded the colossal 26 per cent annual declines experienced during the severe industry downturn in 2015 and 2016 He said the OPEC also projected that total primary energy demand would expand by a robust 28 per cent in the period to 2045 According to him oil is expected to retain the largest share of the energy mix accounting for just over a 28 per cent share in 2045 followed by gas at around 24 per cent In other words he said oil and gas together would continue to supply more than half of the world s energy needs for many decades These hydrocarbons are especially vital to the energy mix in regions like Africa which will see massive population shifts and economic growth in the coming years These developments increase the urgency of eradicating energy poverty The impacts of the two major market cycles are manifesting themselves in real time he said NewsSourceCredit NAN
    OPEC tasks FG on technologies, says global oil sector requires .8trn investments
    General news5 months ago

    OPEC tasks FG on technologies, says global oil sector requires $11.8trn investments

    The Organisation of the Petroleum Exporting Countries (OPEC) has tasked the Federal Government to develop new technologies, strengthen human capacity and innovation to meet the world’s growing need for energy.OPEC said regular investment was needed in view of global oil sector requirement of cumulative investments of 11.8 trillion U.S. dollars in the upstream, midstream and downstream through to 2045 to meet energy expectations.Dr Mohammad Barkindo, OPEC Secretary-General, made this known in his keynote address at the official opening of the ongoing 21st NOG Conference and Exhibition on Tuesday in Abuja.The conference has its theme as: “Funding the Nigerian Energy Mix for Sustainable Economic Growth.”Barkindo said that new technologies and regular investments would shrink Nigeria’s overall environmental footprint and expand access to underserved communities.“I am confident that the implementation of the Petroleum Industry Act will help unlock the full potential of our petroleum industry, strengthen its ability to attract long-term investment, as well as support a dynamic and diverse economy.“If our National Oil Companies (NOCs) are to continue to innovate and flourish, it is of utmost importance that they have predictable and unfettered access to investment capital.“Regular Investment at adequate levels is the lifeblood of our industry. It is essential if we are to develop new technologies, strengthen our human capacity and remain leaders in innovation,” he said.The OPEC secretary-general said the industry was facing huge challenges along multiple fronts and these are currently threatening  investment potential and in the longer term.“To put it bluntly, the oil and gas industry is under siege!“For starters, the evolving geopolitical developments in Eastern Europe, the ongoing war in Ukraine, the ongoing COVID-19 pandemic and inflationary pressures globally have come together, causing significant volatility and uncertainty in the commodity and energy markets.“Against this backdrop, a number of industrialised countries and multilateral institutions continue to pursue stringent policies aimed at accelerating the energy transition and fundamentally altering the energy mix,” Barkindo said.He said in a very short timespan, the industry had been hit by two major cycles – the severe market downturn in 2015 and 2016, and the even more far-reaching impact of the COVID-19 pandemic.He described 2020, the first year of the pandemic as one of the darkest periods in the history of oil, upstream oil capital expenditure which fell by around 30 per cent.This, he said exceeded the colossal 26 per cent annual declines experienced during the severe industry downturn in 2015 and 2016.He said the OPEC also projected that total primary energy demand would expand by a robust 28 per cent in the period to 2045.According to him, oil is expected to retain the largest share of the energy mix, accounting for just over a 28 per cent share in 2045, followed by gas at around 24 per cent.In other words, he said oil and gas together would continue to supply more than half of the world’s energy needs for many decades.“These hydrocarbons are especially vital to the energy mix in regions like Africa, which will see massive population shifts and economic growth in the coming years.“These developments increase the urgency of eradicating energy poverty.The impacts of the two major market cycles are manifesting themselves in real time,” he said.

    NewsSourceCredit: NAN

  •  Dr Mohammad Barkindo the Secretary General Organisation of Petroleum Exporting Countries OPEC said one of its cardinal achievements was the launch of the inaugural OPEC Africa Dialogue in June 2021 Barkindo made this known on Friday in a letter he addressed to Mr Anibor Kragha the Executive Secretary African Refiners and Distributors Association ARDA He said the launch could not have been realised without the ARDA and the excellent leadership of its executive secretary As I prepare for the end of my tenure as Secretary General of OPEC on July 31 2022 I am taking the time to say farewell to many of the key stakeholders I have had the privilege to work with over the last six years Indeed I am taking stock of the myriad accomplishments that together we have been able to achieve And perhaps even more importantly the excellent relationships that have developed and the personal bonds that were forged during this exciting yet challenging period of time he said He said the ARDA in partnership with the African Energy Commission AFREC and African Petroleum Producers Organiation APPO paved way for the establishment of a historical partnership that would have a lasting legacy for OPEC and its member countries He said it was the newest of OPEC s portfolio of international energy dialogues and came as the organisation had witnessed an expanding African membership In fact we have proudly welcomed three new Members from Sub Saharan Africa during my short tenure alone Congo joined OPEC in 2018 Equatorial Guinea joined in 2017 and Gabon rejoined in 2016 after having been a member for two decades from 1975 until 1995 These newer members are building upon an already strong continental foundation which includes Libya which joined OPEC in 1962 Algeria in 1969 Nigeria in 1971 and Angola in 2006 he said He further explained that all together since 2018 Africa was the continent with the highest number of member countries in OPEC According to him throughout OPEC s 62 year history African member countries have played a key role in meetings and decisions in support of the organisation s efforts on the global stage to promote stability in the global oil market This he said was in the interest of producers consumers and global economy We look forward to continued fruitful collaboration with ARDA in addition to AFREC APPO and other leading African partners Together we seek to strengthen and empower Africa to reach its full potential as a leading global provider of sustainable energy to help meet the world s growing energy requirements I wish you all the very best of success as you continue to admirably and ably lead ARDA and make significant contributions to Africa and its energy industry he said NewsSourceCredit NAN
    Launch of OPEC Africa Dialogue, cardinal achievement – Barkindo 
     Dr Mohammad Barkindo the Secretary General Organisation of Petroleum Exporting Countries OPEC said one of its cardinal achievements was the launch of the inaugural OPEC Africa Dialogue in June 2021 Barkindo made this known on Friday in a letter he addressed to Mr Anibor Kragha the Executive Secretary African Refiners and Distributors Association ARDA He said the launch could not have been realised without the ARDA and the excellent leadership of its executive secretary As I prepare for the end of my tenure as Secretary General of OPEC on July 31 2022 I am taking the time to say farewell to many of the key stakeholders I have had the privilege to work with over the last six years Indeed I am taking stock of the myriad accomplishments that together we have been able to achieve And perhaps even more importantly the excellent relationships that have developed and the personal bonds that were forged during this exciting yet challenging period of time he said He said the ARDA in partnership with the African Energy Commission AFREC and African Petroleum Producers Organiation APPO paved way for the establishment of a historical partnership that would have a lasting legacy for OPEC and its member countries He said it was the newest of OPEC s portfolio of international energy dialogues and came as the organisation had witnessed an expanding African membership In fact we have proudly welcomed three new Members from Sub Saharan Africa during my short tenure alone Congo joined OPEC in 2018 Equatorial Guinea joined in 2017 and Gabon rejoined in 2016 after having been a member for two decades from 1975 until 1995 These newer members are building upon an already strong continental foundation which includes Libya which joined OPEC in 1962 Algeria in 1969 Nigeria in 1971 and Angola in 2006 he said He further explained that all together since 2018 Africa was the continent with the highest number of member countries in OPEC According to him throughout OPEC s 62 year history African member countries have played a key role in meetings and decisions in support of the organisation s efforts on the global stage to promote stability in the global oil market This he said was in the interest of producers consumers and global economy We look forward to continued fruitful collaboration with ARDA in addition to AFREC APPO and other leading African partners Together we seek to strengthen and empower Africa to reach its full potential as a leading global provider of sustainable energy to help meet the world s growing energy requirements I wish you all the very best of success as you continue to admirably and ably lead ARDA and make significant contributions to Africa and its energy industry he said NewsSourceCredit NAN
    Launch of OPEC Africa Dialogue, cardinal achievement – Barkindo 
    General news5 months ago

    Launch of OPEC Africa Dialogue, cardinal achievement – Barkindo 

    Dr Mohammad Barkindo, the Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), said one of its cardinal achievements was the launch of the inaugural OPEC Africa Dialogue in June  2021.Barkindo made this known on Friday in a letter he addressed to Mr Anibor Kragha, the Executive Secretary, African Refiners and Distributors Association (ARDA).He said the launch could not have been realised without the ARDA and the excellent leadership of its executive secretary.“As I prepare for the end of my tenure as Secretary-General of OPEC on July 31, 2022, I am taking the time to say farewell to many of the key stakeholders I have had the privilege to work with over the last six years.“Indeed, I am taking stock of the myriad accomplishments that, together, we have been able to achieve.“And, perhaps even more importantly, the excellent relationships that have developed and the personal bonds that were forged during this exciting yet challenging period of time,” he said.He said the ARDA, in partnership with the African Energy Commission (AFREC) and African Petroleum Producers’ Organiation (APPO), paved way for the establishment of a historical partnership that would have a lasting legacy for OPEC and its member countries.He said it was the newest of OPEC’s portfolio of international energy dialogues, and came as the organisation had witnessed an expanding African membership.“In fact, we have proudly welcomed three new Members from Sub-Saharan Africa during my short tenure alone.“Congo joined OPEC in 2018, Equatorial Guinea joined in 2017 and Gabon rejoined in 2016, after having been a member for two decades, from 1975 until 1995.“These newer members are building upon an already strong continental foundation, which includes Libya, which joined OPEC in 1962, Algeria in 1969, Nigeria in 1971 and Angola in 2006,” he said.He further explained that all-together, since 2018, Africa was the continent with the highest number of member countries in OPEC.According to him, throughout OPEC’s 62-year history, African member countries have played a key role in meetings and decisions in support of the organisation’s efforts on the global stage to promote stability in the global oil market.This, he said, was in the interest of producers, consumers and global economy.“We look forward to continued fruitful collaboration with ARDA, in addition to AFREC, APPO and other leading African partners.“Together we seek to strengthen and empower Africa to reach its full potential as a leading global provider of sustainable energy to help meet the world’s growing energy requirements.“I wish you all the very best of success as you continue to admirably and ably lead ARDA and make significant contributions to Africa and its energy industry,” he said. (

    NewsSourceCredit: NAN

  •  The activities of the Nigerian National Petroleum Company Limited NNPC Ltd for the new week started with a cheering news that the company would begin operation on July 1 as a limited liability company The operation as a limited liability company is under the Companies and Allied Matters Act CAMA and would commence upon the signing of the assets transfer documents by the Ministers of Petroleum and Finance the same day The development is in line with the provisions of the Petroleum Industry Act PIA Group Managing Director GMD Executive Officer CEO of NNPC Ltd Malam Mele Kyari said at an engagement session with business leaders across the company s value chain in Abuja that they were working to comply with the provisions of the PIA He said NNPC is doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act PIA with regards to guidelines and timelines for action Kyari said that the new company would become operational with the transfer of verified assets from the Corporation to the NNPC Ltd by the Ministers of Petroleum and Finance He explained that with the level of assets available combined with the new fiscal regime NNPC Ltd was set to become the number one energy company in Africa noting that global brands interested in doing business with the new NNPC Ltd needed to be sure of the company s asset base On the objective of the session Kyari stated that it was organised to engage business leaders on issues of change management strategies required to achieve the new business realities as a limited liability entity He added that the success or otherwise of the company depends heavily on how the change is managed In his presentation the Chairman of the NNPC PIA Implementation Team and Group Executive Director Downstream Mr Yemi Adetunji said that all was set for the presidential unveiling of the NNPC Ltd scheduled for July 19 OPEC Secretary General Dr Mohammad BarkindoVisit us on for more details NewsSourceCredit NAN
    NNPC Weekly: Coy begins operation as limited liability entity July 1
     The activities of the Nigerian National Petroleum Company Limited NNPC Ltd for the new week started with a cheering news that the company would begin operation on July 1 as a limited liability company The operation as a limited liability company is under the Companies and Allied Matters Act CAMA and would commence upon the signing of the assets transfer documents by the Ministers of Petroleum and Finance the same day The development is in line with the provisions of the Petroleum Industry Act PIA Group Managing Director GMD Executive Officer CEO of NNPC Ltd Malam Mele Kyari said at an engagement session with business leaders across the company s value chain in Abuja that they were working to comply with the provisions of the PIA He said NNPC is doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act PIA with regards to guidelines and timelines for action Kyari said that the new company would become operational with the transfer of verified assets from the Corporation to the NNPC Ltd by the Ministers of Petroleum and Finance He explained that with the level of assets available combined with the new fiscal regime NNPC Ltd was set to become the number one energy company in Africa noting that global brands interested in doing business with the new NNPC Ltd needed to be sure of the company s asset base On the objective of the session Kyari stated that it was organised to engage business leaders on issues of change management strategies required to achieve the new business realities as a limited liability entity He added that the success or otherwise of the company depends heavily on how the change is managed In his presentation the Chairman of the NNPC PIA Implementation Team and Group Executive Director Downstream Mr Yemi Adetunji said that all was set for the presidential unveiling of the NNPC Ltd scheduled for July 19 OPEC Secretary General Dr Mohammad BarkindoVisit us on for more details NewsSourceCredit NAN
    NNPC Weekly: Coy begins operation as limited liability entity July 1
    General news6 months ago

    NNPC Weekly: Coy begins operation as limited liability entity July 1

    The activities of the Nigerian National Petroleum Company Limited (NNPC Ltd.) for the new week started with a cheering news that the company would begin operation on July 1 as a limited liability company.

    The operation as a limited liability company is under the Companies and Allied Matters Act (CAMA) and would commence upon the signing of the assets transfer documents by the Ministers of Petroleum and Finance the same day.

    The development is in line with the provisions of the Petroleum Industry Act (PIA).

    Group Managing Director (GMD) Executive Officer (CEO) of NNPC Ltd, Malam Mele Kyari, said at an engagement session with business leaders across the company’s value chain in Abuja that they were working to comply with the provisions of the PIA.

    He said NNPC is doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act (PIA) with regards to guidelines and timelines for action.

    Kyari said that the new company would become operational with the transfer of verified assets from the Corporation to the NNPC Ltd. by the Ministers of Petroleum and Finance.

    He explained that with the level of assets available combined with the new fiscal regime, NNPC Ltd. was set to become the number one energy company in Africa, noting that global brands interested in doing business with the new NNPC Ltd. needed to be sure of the company’s asset base.

    On the objective of the session, Kyari stated that it was organised to engage business leaders on issues of change management strategies required to achieve the new business realities as a limited liability entity.

    He added that the success or otherwise of the company depends heavily on how the change is managed.

    In his presentation, the Chairman of the NNPC PIA Implementation Team and Group Executive Director, Downstream, Mr Yemi Adetunji, said that all was set for the presidential unveiling of the NNPC Ltd., scheduled for July 19.OPEC Secretary-General, Dr Mohammad Barkindo

    Visit us on for more details.

    NewsSourceCredit: NAN

  •  The Organisation of the Petroleum Exporting Countries OPEC and the Ministry of Oil of Iraq have launched a history book titled OPEC 60 years and beyond A story of courage cooperation and commitment The launch took place in Iraq on the sidelines of the sixth edition of Iraq Energy Forum to mark the 60th anniversary of the 13 member organisation which has Iran Iraq Kuwait Saudi Arabia and Venezuela as founding members A statement from OPEC on Sunday made available to the News Agency of Nigeria stated that the launch took place in the Bab Al Muaatham district of Baghdad the capital of Iraq It also stated that the area was the site where the organisation was founded in September 1960 The publication was prepared by the OPEC Secretariat to commemorate the organisation s 60th Anniversary and was published to bring OPEC s objectives and achievements in the past six decades to a wider readership The first section of the book conducts a thorough review of OPEC s history including key events that predated its establishment while the second part explores important topics for the organisation s mission and work The two sections which involve international dialogue and sustainable development are divided into Analysing the 60 Years and Cross Cutting Issues At the launch HE Ihsan Abdul Jabbar Ismaael Iraq s Minister of Oil and Head of its Delegation to OPEC said It is a great privilege to launch the special book commissioned for the 60th Anniversary of OPEC s founding For Iraq and the city of Baghdad in particular we are delighted to be the site of the launch of this book Ismaael said The minister while recalling how OPEC was founded in September 1960 in Baghdad said that the organisation came into existence as a result of the vision of its founding members He said The fact that our country is the birthplace of OPEC is an enormous source of pride for all Iraqis We are proud of our role as a founder member as a constructive force throughout the organisation s history a consensus forger and bridge builder We are pleased that the Iraqi Government has sponsored this book and hope it will be a useful reference tool for future generations who seek to acquaint themselves better with our organisation According to Ismaael the book represents a singular accomplishment meticulously researched compellingly written to showcase the multitude of accomplishments of the organisation throughout its history OPEC Secretary General Dr Mohammad Barkindo who delivered a brief remark at the launch lauded the organisation for its many achievements over the last six decades Barkindo noted that surviving 60 years was a monumental achievement for OPEC especially when it involved the most volatile commodities oil As an organisation we have come a long way and have witnessed many ups and downs We have seen seven major market cycles including the latest in the wake of the COVID 19 pandemic and we have evolved as an integral part of the international energy community and we have seen reams of column inches written about OPEC It is important to stress that in terms of OPEC s history the organisation is far more than an appendage to the history of oil It is a story of a family of nations of people and populations of feelings and emotions of countries rich in culture and heritage It is also the struggle of a group of developing countries to exercise the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development The history of OPEC underscores the adversities the organisation has faced the challenges overcome the achievements made and the value placed on dialogue and cooperation with other industry stakeholders including both producers and consumers Barkindo said Barkindo commended those involved in producing the book noting that the cooperation between the OPEC secretariat in Vienna and contributors from Iraq was encouraging Highlight of the event was the signing of a copy of the book by the Iraqi Minister of Oil and the OPEC Secretary General to signify the launch of the book The event was attended by several Iraqi Ministers as well as senior officials from the Ministries of Oil and Culture Other activities at the event include cultural traditional music from OPEC Member Countries including Iraq The event also featured a show of traditional Iraqi costumes which was presented by the Iraqi Al Aziaa House in Baghdad NewsSourceCredit NAN
    OPEC launches history book in Iraq
     The Organisation of the Petroleum Exporting Countries OPEC and the Ministry of Oil of Iraq have launched a history book titled OPEC 60 years and beyond A story of courage cooperation and commitment The launch took place in Iraq on the sidelines of the sixth edition of Iraq Energy Forum to mark the 60th anniversary of the 13 member organisation which has Iran Iraq Kuwait Saudi Arabia and Venezuela as founding members A statement from OPEC on Sunday made available to the News Agency of Nigeria stated that the launch took place in the Bab Al Muaatham district of Baghdad the capital of Iraq It also stated that the area was the site where the organisation was founded in September 1960 The publication was prepared by the OPEC Secretariat to commemorate the organisation s 60th Anniversary and was published to bring OPEC s objectives and achievements in the past six decades to a wider readership The first section of the book conducts a thorough review of OPEC s history including key events that predated its establishment while the second part explores important topics for the organisation s mission and work The two sections which involve international dialogue and sustainable development are divided into Analysing the 60 Years and Cross Cutting Issues At the launch HE Ihsan Abdul Jabbar Ismaael Iraq s Minister of Oil and Head of its Delegation to OPEC said It is a great privilege to launch the special book commissioned for the 60th Anniversary of OPEC s founding For Iraq and the city of Baghdad in particular we are delighted to be the site of the launch of this book Ismaael said The minister while recalling how OPEC was founded in September 1960 in Baghdad said that the organisation came into existence as a result of the vision of its founding members He said The fact that our country is the birthplace of OPEC is an enormous source of pride for all Iraqis We are proud of our role as a founder member as a constructive force throughout the organisation s history a consensus forger and bridge builder We are pleased that the Iraqi Government has sponsored this book and hope it will be a useful reference tool for future generations who seek to acquaint themselves better with our organisation According to Ismaael the book represents a singular accomplishment meticulously researched compellingly written to showcase the multitude of accomplishments of the organisation throughout its history OPEC Secretary General Dr Mohammad Barkindo who delivered a brief remark at the launch lauded the organisation for its many achievements over the last six decades Barkindo noted that surviving 60 years was a monumental achievement for OPEC especially when it involved the most volatile commodities oil As an organisation we have come a long way and have witnessed many ups and downs We have seen seven major market cycles including the latest in the wake of the COVID 19 pandemic and we have evolved as an integral part of the international energy community and we have seen reams of column inches written about OPEC It is important to stress that in terms of OPEC s history the organisation is far more than an appendage to the history of oil It is a story of a family of nations of people and populations of feelings and emotions of countries rich in culture and heritage It is also the struggle of a group of developing countries to exercise the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development The history of OPEC underscores the adversities the organisation has faced the challenges overcome the achievements made and the value placed on dialogue and cooperation with other industry stakeholders including both producers and consumers Barkindo said Barkindo commended those involved in producing the book noting that the cooperation between the OPEC secretariat in Vienna and contributors from Iraq was encouraging Highlight of the event was the signing of a copy of the book by the Iraqi Minister of Oil and the OPEC Secretary General to signify the launch of the book The event was attended by several Iraqi Ministers as well as senior officials from the Ministries of Oil and Culture Other activities at the event include cultural traditional music from OPEC Member Countries including Iraq The event also featured a show of traditional Iraqi costumes which was presented by the Iraqi Al Aziaa House in Baghdad NewsSourceCredit NAN
    OPEC launches history book in Iraq
    General news6 months ago

    OPEC launches history book in Iraq

    The Organisation of the Petroleum Exporting Countries (OPEC) and the Ministry of Oil of Iraq have launched a history book titled ‘OPEC 60 years and beyond: A story of courage, cooperation and commitment’.

    The launch took place in Iraq on the sidelines of the sixth edition of Iraq Energy Forum to mark the 60th anniversary of the 13-member organisation, which has Iran, Iraq, Kuwait, Saudi Arabia and Venezuela as founding members.

    A statement from OPEC on Sunday, made available to the News Agency of Nigeria stated that the launch took place in the Bab Al-Muaatham district of Baghdad, the capital of Iraq.

    It also stated that the area was the site where the organisation was founded in September 1960.

    The publication was prepared by the OPEC Secretariat to commemorate the organisation’s 60th Anniversary and was published to bring OPEC’s objectives and achievements in the past six decades to a wider readership.

    The first section of the book conducts a thorough review of OPEC’s history, including key events that predated its establishment, while the second part explores important topics for the organisation’s mission and work.

    The two sections which involve international dialogue and sustainable development are divided into “Analysing the 60 Years’ and ‘Cross Cutting Issues”.

    At the launch, HE Ihsan Abdul Jabbar Ismaael, Iraq’s Minister of Oil and Head of its Delegation to OPEC, said: “It is a great privilege to launch the special book commissioned for the 60th Anniversary of OPEC’s founding.

    “For Iraq, and the city of Baghdad in particular, we are delighted to be the site of the launch of this book,” Ismaael said.

    The minister, while recalling how OPEC was founded in September 1960 in Baghdad, said that the organisation came into existence as a result of the vision of its founding members.

    He said; “The fact that our country is the birthplace of OPEC is an enormous source of pride for all Iraqis.

    “We are proud of our role as a founder member; as a constructive force throughout the organisation’s history; a consensus forger and bridge builder.

    “We are pleased that the Iraqi Government has sponsored this book and hope it will be a useful reference tool for future generations who seek to acquaint themselves better with our organisation”.

    According to Ismaael, the book represents a singular accomplishment, meticulously researched, compellingly written to showcase the multitude of accomplishments of the organisation throughout its history.

    OPEC Secretary-General, Dr Mohammad Barkindo, who delivered a brief remark at the launch, lauded the organisation for its many achievements over the last six decades.

    Barkindo noted that surviving 60 years was a monumental achievement for OPEC, especially when it involved the most volatile commodities – oil.

    “As an organisation, we have come a long way and have witnessed many ups and downs.

    “We have seen seven major market cycles, including the latest in the wake of the COVID-19 pandemic and we have evolved as an integral part of the international energy community and we have seen reams of column inches written about OPEC.

    “It is important to stress that in terms of OPEC’s history, the organisation is far more than an appendage to the history of oil.

    “It is a story of a family of nations, of people and populations, of feelings, and emotions of countries rich in culture and heritage.

    “It is also the struggle of a group of developing countries to exercise the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development.

    “The history of OPEC underscores the adversities the organisation has faced, the challenges overcome, the achievements made, and the value placed on dialogue and cooperation with other industry stakeholders, including both producers and consumers,” Barkindo said.

    Barkindo commended those involved in producing the book, noting that the cooperation between the OPEC secretariat in Vienna and contributors from Iraq was encouraging.

    Highlight of the event was the signing of a copy of the book by the Iraqi Minister of Oil and the OPEC Secretary-General to signify the launch of the book.

    The event was attended by several Iraqi Ministers, as well as senior officials from the Ministries of Oil and Culture.

    Other activities at the event include cultural traditional music from OPEC Member Countries including Iraq.

    The event also featured a show of traditional Iraqi costumes, which was presented by the Iraqi Al Aziaa House in Baghdad.


    NewsSourceCredit: NAN

  •  Dr Mohammad Barkindo Secretary General Organisation of the Petroleum Exporting Countries OPEC has underscored the vital role that cooperation and multilateralism could play in the future of OPEC and energy industry Barkindo made this known on Saturday at the Sixth edition of Iraq Energy Forum in Baghdad Iraq being organised by the Iraq Energy Institute and the Iraqi Government The event is holding from June 18 to June 20 with the theme Global Energy Security in Times of Conflict and Uncertain Economic Recovery At OPEC we believe that multilateralism should be at the heart of our energy climate and sustainable development future OPEC and its Member Countries have been directly involved in the evolution of the multilateral United Nation Framework Convention on Climate Change UNFCCC UNFCCC whose core elements are particularly equity common but differentiated responsibilities and national circumstances must remain central to all processes moving forward he stated He said it is important to recognise that there was no one size fits for all pathways rather there was need to take an all options approach an all solutions approach and an all technologies approach He said there was no doubt that the oil and gas industry could leverage its resources and expertise to help unlock a low emissions future This he said would be through its role as a powerful innovator in developing clean and more efficient technological solutions to help reduce emissions Underlining the importance of sustainable investment in the oil industry to ensure that supply met demand he said that a total investment of US 11 8 trillion was required through 2045 referencing OPEC s World Oil Outlook 2021 Barkindo thanked the organisers for the invitation to participate in the leading energy gathering highlighting its timeliness and importance given recent industry developments Since I attended the first iteration of this event in 2016 this Forum has gone from strength to strength to become an influential event not only for Iraq but for the entire Middle East region It continues to attract leading energy figures from across the global industry The unity peace stability economic growth and prosperity of Iraq and its people is of a fundamental importance to OPEC he said Following the opening ceremony the organisers presented the secretary general with the prestigious Iraq Energy Award from the Iraq Energy Institute The award was in recognition of his many years of achievements and dedication to OPEC its Member Countries and the global energy industry Barkindo also participated in a plenary session titled Global Energy Security and the Pursuit of Stable Markets It focused on recent energy market trends OPEC s role in energy security prospects for the oil and gas industry and the Declaration of Cooperation Ali Allawi Iraq s Deputy Prime Minister of Economic Affairs and Minister of Finance was among the session s participants In its sixth iteration the forum which is the country s energy and economic flagship event provided a platform for lively discussion and interactive exchange between a wide range of industry stakeholders The American University of Iraq in Baghdad AUIB a co organiser of the Iraq Energy Forum 2022 also appointed the secretary general as an Honorary Professor Iraq will also host the launch of OPEC s history book titled OPEC 60 years and beyond A story of courage cooperation and commitment in the Al Shaab Hall in Baghdad on Sunday June 19 NewsSourceCredit NAN
    Iraq Energy Forum: Barkindo underscores role of multilateralism in energy industry
     Dr Mohammad Barkindo Secretary General Organisation of the Petroleum Exporting Countries OPEC has underscored the vital role that cooperation and multilateralism could play in the future of OPEC and energy industry Barkindo made this known on Saturday at the Sixth edition of Iraq Energy Forum in Baghdad Iraq being organised by the Iraq Energy Institute and the Iraqi Government The event is holding from June 18 to June 20 with the theme Global Energy Security in Times of Conflict and Uncertain Economic Recovery At OPEC we believe that multilateralism should be at the heart of our energy climate and sustainable development future OPEC and its Member Countries have been directly involved in the evolution of the multilateral United Nation Framework Convention on Climate Change UNFCCC UNFCCC whose core elements are particularly equity common but differentiated responsibilities and national circumstances must remain central to all processes moving forward he stated He said it is important to recognise that there was no one size fits for all pathways rather there was need to take an all options approach an all solutions approach and an all technologies approach He said there was no doubt that the oil and gas industry could leverage its resources and expertise to help unlock a low emissions future This he said would be through its role as a powerful innovator in developing clean and more efficient technological solutions to help reduce emissions Underlining the importance of sustainable investment in the oil industry to ensure that supply met demand he said that a total investment of US 11 8 trillion was required through 2045 referencing OPEC s World Oil Outlook 2021 Barkindo thanked the organisers for the invitation to participate in the leading energy gathering highlighting its timeliness and importance given recent industry developments Since I attended the first iteration of this event in 2016 this Forum has gone from strength to strength to become an influential event not only for Iraq but for the entire Middle East region It continues to attract leading energy figures from across the global industry The unity peace stability economic growth and prosperity of Iraq and its people is of a fundamental importance to OPEC he said Following the opening ceremony the organisers presented the secretary general with the prestigious Iraq Energy Award from the Iraq Energy Institute The award was in recognition of his many years of achievements and dedication to OPEC its Member Countries and the global energy industry Barkindo also participated in a plenary session titled Global Energy Security and the Pursuit of Stable Markets It focused on recent energy market trends OPEC s role in energy security prospects for the oil and gas industry and the Declaration of Cooperation Ali Allawi Iraq s Deputy Prime Minister of Economic Affairs and Minister of Finance was among the session s participants In its sixth iteration the forum which is the country s energy and economic flagship event provided a platform for lively discussion and interactive exchange between a wide range of industry stakeholders The American University of Iraq in Baghdad AUIB a co organiser of the Iraq Energy Forum 2022 also appointed the secretary general as an Honorary Professor Iraq will also host the launch of OPEC s history book titled OPEC 60 years and beyond A story of courage cooperation and commitment in the Al Shaab Hall in Baghdad on Sunday June 19 NewsSourceCredit NAN
    Iraq Energy Forum: Barkindo underscores role of multilateralism in energy industry
    General news6 months ago

    Iraq Energy Forum: Barkindo underscores role of multilateralism in energy industry

    Dr Mohammad Barkindo, Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC), has underscored the vital role that cooperation and multilateralism could play in the future of OPEC and energy industry.

    Barkindo made this known on Saturday at the Sixth edition of Iraq Energy Forum in Baghdad, Iraq, being organised by the Iraq Energy Institute and the Iraqi Government.

    The event is holding from June 18 to June 20, with the theme “Global Energy Security in Times of Conflict and Uncertain Economic Recovery.”

    “At OPEC, we believe that multilateralism should be at the heart of our energy, climate and sustainable development future.

    “OPEC and its Member Countries have been directly involved in the evolution of the multilateral United Nation Framework Convention on Climate Change (UNFCCC).

    “UNFCCC whose core elements are particularly equity, common-but-differentiated responsibilities and national circumstances, must remain central to all processes moving forward,” he stated.

    He said it is important to recognise that there was no one-size-fits for all pathways, rather there was need to take an all-options approach, an all solutions approach, and an all-technologies approach.

    He said there was no doubt that the oil and gas industry could leverage its resources and expertise to help unlock a low-emissions future.

    This, he said, would be through its role as a powerful innovator in developing clean and more efficient technological solutions to help reduce emissions.

    Underlining the importance of sustainable investment in the oil industry to ensure that supply met demand, he said that a total investment of US$ 11.8 trillion was required through 2045, referencing OPEC’s World Oil Outlook 2021.

    Barkindo thanked the organisers for the invitation to participate in the leading energy gathering, highlighting its timeliness and importance given recent industry developments.

    “Since I attended the first iteration of this event in 2016, this Forum has gone from strength to strength to become an influential event, not only for Iraq, but for the entire Middle East region.

    “It continues to attract leading energy figures from across the global industry. The unity, peace, stability, economic growth and prosperity of Iraq and its people is of a fundamental importance to OPEC,’’ he said.

    Following the opening ceremony, the organisers presented the secretary-general with the prestigious Iraq Energy Award from the Iraq Energy Institute.

    The award was in recognition of his many years of achievements and dedication to OPEC, its Member Countries and the global energy industry.

    Barkindo also participated in a plenary session, titled ‘Global Energy Security and the Pursuit of Stable Markets’.

    It focused on recent energy market trends, OPEC’s role in energy security, prospects for the oil and gas industry, and the Declaration of Cooperation.

    Ali Allawi, Iraq’s Deputy Prime Minister of Economic Affairs and Minister of Finance, was among the session’s participants.

    In its sixth iteration, the forum, which is the country’s energy and economic flagship event, provided a platform for lively discussion and interactive exchange between a wide range of industry stakeholders.

    The American University of Iraq in Baghdad (AUIB), a co-organiser of the Iraq Energy Forum 2022, also appointed the secretary-general as an Honorary Professor.

    Iraq will also host the launch of OPEC’s history book, titled “OPEC 60 years and beyond: A story of courage, cooperation and commitment” in the Al-Shaab Hall in Baghdad, on Sunday, June 19. (

    NewsSourceCredit: NAN

  •  The Organisation of the Petroleum Exporting Countries OPEC has underscored the need to check impact of policies and Environmental Social Governance ESG requirements on the oil and gas industry investments OPEC also emphasised the need to be cognisant on how investments in the industry was being impacted by climate disclosure drive from the financial community Dr Mohammad Barkindo OPEC Secretary General made this known on Thursday in his keynote address at an Energy Symposium organised in London The News Agency of Nigeria reports that the event was tagged Quo Vadis Oil and Gas in the 21st Century Charting New Directions for the Oil and Gas Industry after COP2 It was organised by the University of Dundee in collaboration with Centre for Energy Petroleum Mineral Law and Policy CEPMLP and White and Case LLP Barkindo said it was concerned about the ESG footprint and stranded asset risk of the industry He said that the environmental aspect of ESG was perhaps outweighing the need to address social and development issues Barkindo called for collaboration of industry stakeholders to ensure an investment friendly climate that was sustainable and could work for producers consumers developed and developing countries To put it simply the sustainability of the energy system is at stake Oil witnessed an investment drop of around 30 per cent in 2020 due to the COVID 19 pandemic and investments today are nowhere near the peak of 2014 We heard the recent call from G7 Ministers of Climate Energy and the Environment for oil and gas producing countries including reference to OPEC to play a key role in ensuring stable and sustainable global energy supplies This is what we do day in day out At the same time the G7 communique also committed the group of major industrialised consumer countries to end financing for most overseas fossil fuel projects by the end of 2022 It is difficult to reconcile these two statements he said He said from the perspective of the developing world if billions of people who suffered from lack of energy access felt excluded from tapping into energies that have helped fuel the developed world then it could sow further divisions He father said that it could expand the divide between the haves and have nots the Global North and South adding that nobody should be left behind in the energy transition In terms of tackling climate change and reducing emissions he said it fully believed that the oil industry could be part of the solution We have no doubt that the resources and expertise of the oil industry can be harnessed again to help develop cleaner and more efficient technological solutions contributing to a reduction of emissions as part of unlocking a low emissions future For example carbon capture utilisation and storage including direct air capture blue hydrogen and other technologies can be leveraged along with the promotion of the Circular Carbon Economy to improve overall environmental performance OPEC is willing and able to play a key role As we have seen through the prism of recent events any talk of the oil industry being consigned to the past as well as talk of halting new investments in oil and gas is misguided We need to follow all the right transition paths and appreciate that there is not just one path for all he said He said different countries around the world had varying capabilities and diverse needs particularly in relation to equity historical responsibility and principle of common but differentiated responsibilities and respective capabilities He said that reducing emissions had many paths as set out by the Intergovernmental Panel on Climate Change IPCC adding that all must be considered as viable options NewsSourceCredit NAN
    OPEC harps on need to check impact of policies on investments 
     The Organisation of the Petroleum Exporting Countries OPEC has underscored the need to check impact of policies and Environmental Social Governance ESG requirements on the oil and gas industry investments OPEC also emphasised the need to be cognisant on how investments in the industry was being impacted by climate disclosure drive from the financial community Dr Mohammad Barkindo OPEC Secretary General made this known on Thursday in his keynote address at an Energy Symposium organised in London The News Agency of Nigeria reports that the event was tagged Quo Vadis Oil and Gas in the 21st Century Charting New Directions for the Oil and Gas Industry after COP2 It was organised by the University of Dundee in collaboration with Centre for Energy Petroleum Mineral Law and Policy CEPMLP and White and Case LLP Barkindo said it was concerned about the ESG footprint and stranded asset risk of the industry He said that the environmental aspect of ESG was perhaps outweighing the need to address social and development issues Barkindo called for collaboration of industry stakeholders to ensure an investment friendly climate that was sustainable and could work for producers consumers developed and developing countries To put it simply the sustainability of the energy system is at stake Oil witnessed an investment drop of around 30 per cent in 2020 due to the COVID 19 pandemic and investments today are nowhere near the peak of 2014 We heard the recent call from G7 Ministers of Climate Energy and the Environment for oil and gas producing countries including reference to OPEC to play a key role in ensuring stable and sustainable global energy supplies This is what we do day in day out At the same time the G7 communique also committed the group of major industrialised consumer countries to end financing for most overseas fossil fuel projects by the end of 2022 It is difficult to reconcile these two statements he said He said from the perspective of the developing world if billions of people who suffered from lack of energy access felt excluded from tapping into energies that have helped fuel the developed world then it could sow further divisions He father said that it could expand the divide between the haves and have nots the Global North and South adding that nobody should be left behind in the energy transition In terms of tackling climate change and reducing emissions he said it fully believed that the oil industry could be part of the solution We have no doubt that the resources and expertise of the oil industry can be harnessed again to help develop cleaner and more efficient technological solutions contributing to a reduction of emissions as part of unlocking a low emissions future For example carbon capture utilisation and storage including direct air capture blue hydrogen and other technologies can be leveraged along with the promotion of the Circular Carbon Economy to improve overall environmental performance OPEC is willing and able to play a key role As we have seen through the prism of recent events any talk of the oil industry being consigned to the past as well as talk of halting new investments in oil and gas is misguided We need to follow all the right transition paths and appreciate that there is not just one path for all he said He said different countries around the world had varying capabilities and diverse needs particularly in relation to equity historical responsibility and principle of common but differentiated responsibilities and respective capabilities He said that reducing emissions had many paths as set out by the Intergovernmental Panel on Climate Change IPCC adding that all must be considered as viable options NewsSourceCredit NAN
    OPEC harps on need to check impact of policies on investments 
    General news6 months ago

    OPEC harps on need to check impact of policies on investments 

    The Organisation of the Petroleum Exporting Countries (OPEC) has underscored the need to check impact of policies and Environmental Social Governance (ESG) requirements on the oil and gas industry investments.

    OPEC also emphasised the need to be cognisant on how investments in the industry was being impacted by climate disclosure drive from the financial community.

    Dr Mohammad Barkindo, OPEC Secretary-General, made this known on Thursday in his keynote address at an Energy Symposium organised in London.

    The News Agency of Nigeria reports that the event was tagged “Quo Vadis? – Oil and Gas in the 21st Century, Charting New Directions for the Oil and Gas Industry after COP2.”

    It was organised by the University of Dundee in collaboration with Centre for Energy, Petroleum, Mineral Law and Policy (CEPMLP) and White and Case LLP.

    Barkindo said it was concerned about the ESG footprint and stranded asset risk of the industry.

    He said that the environmental aspect of ESG was perhaps outweighing the need to address social and development issues.

    Barkindo called for collaboration of industry stakeholders to ensure an investment friendly climate that was sustainable and could work for producers, consumers, developed and developing countries.

    “To put it simply: the sustainability of the energy system is at stake.

    “Oil witnessed an investment drop of around 30 per cent in 2020 due to the COVID- 19 pandemic, and investments today are nowhere near the peak of 2014.

    “We heard the recent call from G7 Ministers of Climate, Energy and the Environment, for oil and gas producing countries, including reference to OPEC, to play a key role in ensuring stable and sustainable global energy supplies.

    “This is what we do, day in, day out.

    “At the same time, the G7 communique also committed the group of major industrialised consumer countries to end financing for most overseas fossil fuel projects by the end of 2022.

    “It is difficult to reconcile these two statements,” he said.

    He said from the perspective of the developing world, if billions of people who suffered from lack of energy access felt excluded from tapping into energies that have helped fuel the developed world, then it could sow further divisions.

    He father said that it could expand the divide between the haves and have nots, the Global North and South, adding that nobody should be left behind in the energy transition.

    In terms of tackling climate change and reducing emissions, he said it fully believed that the oil industry could be part of the solution.

    “We have no doubt that the resources and expertise of the oil industry can be harnessed again to help develop cleaner and more efficient technological solutions, contributing to a reduction of emissions as part of unlocking a low-emissions future.

    “For example, carbon capture utilisation and storage, including direct air capture, blue hydrogen, and other technologies, can be leveraged—along with the promotion of the Circular Carbon Economy—to improve overall environmental performance.

    “OPEC is willing and able to play a key role.

    “As we have seen through the prism of recent events, any talk of the oil industry being consigned to the past – as well as talk of halting new investments in oil and gas – is misguided.

    “We need to follow all the right transition paths and appreciate that there is not just one path for all,” he said.

    He said different countries around the world had varying capabilities and diverse needs, particularly in relation to equity, historical responsibility and principle of common but differentiated responsibilities and respective capabilities.

    He said that reducing emissions had many paths, as set out by the Intergovernmental Panel on Climate Change (IPCC), adding that all must be considered as viable options.

    NewsSourceCredit: NAN

  •  The Organisation of the Petroleum Exporting Countries OPEC has lauded some member countries on pledges and national aspirations toward net zero emissions target The OPEC listed the Member Countries as Nigeria Saudi Arabia and the United Arab Emirates UAE which are making pledges on net zero emissions Dr Mohammad Barkindo OPEC Secretary General made this known on Thursday in his keynote address at an Energy Symposium organised in London The News Agency of Nigeria reports that the event was tagged Quo Vadis Oil and Gas in the 21st Century Charting New Directions for the Oil and Gas Industry after COP2 It was organised by the Centre for Energy Petroleum and Mineral Law CEPMLP and White and Case LLP International Law Firm Recalled that as part of the Paris Agreement countries globally agreed to pursue efforts to limit global warming to well below 2 degrees Celsius preferably to 1 5 degrees Celsius compared to pre industrial levels To achieve this countries must align with global push to reduce their greenhouse gas emissions to net zero by around 2050 Barkindo however appreciated the move by many developed nations to set net zero emissions targets as national aspiration and recognised the fact that some developing nations also moved in this direction too However it is important to appreciate the massive challenges for developing countries to reach net zero emissions many of which are acutely focused on priorities such as energy access living wages and supplying basic necessities The challenges before us are enormous and complex We have been delivered a stark reminder with recent strains and conflicts related to energy affordability and security and need to reduce emissions playing out in regions across the world at the end of 2021 and into 2022 It requires a delicate balancing act comprehensive and sustainable solutions and all voices at the table he said He called for energy affordability transition to a more inclusive fair and equitable world in which every person has access to energy as referenced in UN Sustainable Development Goal Seven According to him in OPEC s World Oil Outlook WOO 2021 global energy demand is set to expand by 28 per cent by 2045 This he said would require the use of all forms of energy to support the post pandemic recovery drive the energy transition and address long term energy needs We see oil still making up 28 per cent of the world s energy needs by 2045 This will require huge investments with the WOO showing that oil related investments alone amount to 11 8 trillion dollars between now and 2045 he added He reiterated the commitments of OPEC member countries to remain committed to investments to ensure supply meets the demand of their customers NewsSourceCredit NAN
    OPEC lauds member states aspirations toward net zero emission targets
     The Organisation of the Petroleum Exporting Countries OPEC has lauded some member countries on pledges and national aspirations toward net zero emissions target The OPEC listed the Member Countries as Nigeria Saudi Arabia and the United Arab Emirates UAE which are making pledges on net zero emissions Dr Mohammad Barkindo OPEC Secretary General made this known on Thursday in his keynote address at an Energy Symposium organised in London The News Agency of Nigeria reports that the event was tagged Quo Vadis Oil and Gas in the 21st Century Charting New Directions for the Oil and Gas Industry after COP2 It was organised by the Centre for Energy Petroleum and Mineral Law CEPMLP and White and Case LLP International Law Firm Recalled that as part of the Paris Agreement countries globally agreed to pursue efforts to limit global warming to well below 2 degrees Celsius preferably to 1 5 degrees Celsius compared to pre industrial levels To achieve this countries must align with global push to reduce their greenhouse gas emissions to net zero by around 2050 Barkindo however appreciated the move by many developed nations to set net zero emissions targets as national aspiration and recognised the fact that some developing nations also moved in this direction too However it is important to appreciate the massive challenges for developing countries to reach net zero emissions many of which are acutely focused on priorities such as energy access living wages and supplying basic necessities The challenges before us are enormous and complex We have been delivered a stark reminder with recent strains and conflicts related to energy affordability and security and need to reduce emissions playing out in regions across the world at the end of 2021 and into 2022 It requires a delicate balancing act comprehensive and sustainable solutions and all voices at the table he said He called for energy affordability transition to a more inclusive fair and equitable world in which every person has access to energy as referenced in UN Sustainable Development Goal Seven According to him in OPEC s World Oil Outlook WOO 2021 global energy demand is set to expand by 28 per cent by 2045 This he said would require the use of all forms of energy to support the post pandemic recovery drive the energy transition and address long term energy needs We see oil still making up 28 per cent of the world s energy needs by 2045 This will require huge investments with the WOO showing that oil related investments alone amount to 11 8 trillion dollars between now and 2045 he added He reiterated the commitments of OPEC member countries to remain committed to investments to ensure supply meets the demand of their customers NewsSourceCredit NAN
    OPEC lauds member states aspirations toward net zero emission targets
    General news6 months ago

    OPEC lauds member states aspirations toward net zero emission targets

    The Organisation of the Petroleum Exporting Countries (OPEC) has lauded some member countries on pledges and national aspirations toward net zero emissions target.

    The OPEC listed the Member Countries  as Nigeria, Saudi Arabia and the United Arab Emirates (UAE), which are making pledges on net zero emissions.

    Dr Mohammad Barkindo, OPEC Secretary-General made this known on Thursday in his keynote address at an Energy Symposium organised in London.

    The News Agency of Nigeria, reports that the event was tagged “Quo Vadis? – Oil and Gas in the 21st Century, Charting New Directions for the Oil and Gas Industry after COP2”.

    It was organised by the Centre for Energy, Petroleum and Mineral Law (CEPMLP) and White and Case LLP International Law Firm.

    Recalled that as part of the Paris Agreement, countries globally agreed to pursue efforts to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.

    To achieve this, countries must align with global push to reduce their greenhouse gas emissions to ‘net zero’ by around 2050.

    Barkindo, however appreciated the move by many developed nations to set net-zero emissions targets as national aspiration and recognised the fact that some developing nations also moved in this direction too.

    “However, it is important to appreciate the massive challenges for developing countries to reach net zero emissions, many of which are acutely focused on priorities such as energy access, living wages, and supplying basic necessities.

    “The challenges before us are enormous and complex.

    “We have been delivered a stark reminder with recent strains and conflicts related to energy affordability and security and need to reduce emissions playing out in regions across the world at the end of 2021 and into 2022.

    “It requires a delicate balancing act, comprehensive and sustainable solutions, and all voices at the table,” he said.

    He called for energy affordability; transition to a more inclusive, fair, and equitable world in which every person has access to energy as referenced in UN Sustainable Development Goal Seven.

    According to him, in OPEC’s World Oil Outlook (WOO) 2021, global energy demand is set to expand by 28 per cent by 2045.

    This, he said would require the use of all forms of energy to support the post pandemic recovery, drive the energy transition, and address long-term energy needs.

    “We see oil still making up 28 per cent of the world’s energy needs by 2045.

    “This will require huge investments, with the WOO showing that oil-related investments alone amount to 11.8 trillion dollars between now and 2045,” he added.

    He reiterated the commitments of OPEC member countries to remain committed to investments to ensure supply meets the demand of their customers.

    NewsSourceCredit: NAN

  •  Dr Mohammad Barkindo the Secretary General Organisation of the Petroleum Exporting Countries OPEC says it has never wavered from its core values in spite of the challenges in the oil industry Barkindo made this known on Tuesday in his keynote address at the Mediterranean Gas MedGas event Dinner at Athens Greece Barkindo said that over the last six years the oil industry and OPEC had been faced with a range of challenges complex and confounding in equal measure Yet we never wavered from the core values at the heart of OPEC respect among nations cooperation dialogue and working toward collective solutions I have no doubt that these values can carry us forward to a brighter tomorrow In a few weeks from now I will complete my assignment as OPEC secretary general which began six years ago on Aug 1 2016 The pace of change in world events over that time has been staggering These changes have had major ramifications for the energy industry he said Barkindo while reflecting on how best to synthesise many strands and facets of these changes said an illuminating gateway to explain the trajectory was the World Economic Forum Annual Meeting held in Davos Switzerland He said the meeting which took place from May 22 to May 26 was the first of such meeting since the outbreak of the COVID 19 pandemic The World Economic Forum in Davos founded by Klaus Schwab represents more than a meeting in the popular imagination It is the platform for and exemplification of the virtues Schwab has extolled for the past half century an interconnected world with free flow of goods services ideas and people contributing to shared prosperity stability and peace These aspirations have been shaken to the core by events of the last two years Isolationism and protectionism once confined to the fringes of political discourse have received new prominence in elections across the world Supply chains have struggled to adjust to the realities of the COVID 19 pandemic Three decades of intensified globalisation risk going into reverse he said He recalled that there was a lot of discussion on nearshoring onshoring and reshoring as well as on the impact of rising interest rates and an end to the era of cheap borrowing Barkindo said nothing had challenged the Davos worldview more than the war in Ukraine and the subsequent geo political fallout He said certainly there had been a lot of column inches and boardroom discussions devoted to questions regarding the future of globalisation He said that investment patterns that had dominated the last three decades were also being put to the test The OPEC secretary general listed the patterns as the idea of corporations opting for cheap offshore manufacturing slick global supply chains holding costs down and keeping inflation levels low The question now is whether the momentum behind globalisation is shifting toward local sourcing Attention in public discourse has gravitated toward issues such as so called supply chain sovereignty and domestic production facilities The deployment of sanctions and attempts to sever some countries from the global economic system has seen fractures in geopolitics spill into the economic sphere And we should not be under any illusion that the attempt to decouple economies or reverse globalisation is a product of the 2020s he said He further explained that this had been a mantra for many politicians over the last few decades According to him many communities have expressed grievances at missing out on the opportunities that come from globalisation or feel they have been aggrieved as a result of it www nananews ng Source NAN
    OPEC never wavers from its core values – Secretary-General
     Dr Mohammad Barkindo the Secretary General Organisation of the Petroleum Exporting Countries OPEC says it has never wavered from its core values in spite of the challenges in the oil industry Barkindo made this known on Tuesday in his keynote address at the Mediterranean Gas MedGas event Dinner at Athens Greece Barkindo said that over the last six years the oil industry and OPEC had been faced with a range of challenges complex and confounding in equal measure Yet we never wavered from the core values at the heart of OPEC respect among nations cooperation dialogue and working toward collective solutions I have no doubt that these values can carry us forward to a brighter tomorrow In a few weeks from now I will complete my assignment as OPEC secretary general which began six years ago on Aug 1 2016 The pace of change in world events over that time has been staggering These changes have had major ramifications for the energy industry he said Barkindo while reflecting on how best to synthesise many strands and facets of these changes said an illuminating gateway to explain the trajectory was the World Economic Forum Annual Meeting held in Davos Switzerland He said the meeting which took place from May 22 to May 26 was the first of such meeting since the outbreak of the COVID 19 pandemic The World Economic Forum in Davos founded by Klaus Schwab represents more than a meeting in the popular imagination It is the platform for and exemplification of the virtues Schwab has extolled for the past half century an interconnected world with free flow of goods services ideas and people contributing to shared prosperity stability and peace These aspirations have been shaken to the core by events of the last two years Isolationism and protectionism once confined to the fringes of political discourse have received new prominence in elections across the world Supply chains have struggled to adjust to the realities of the COVID 19 pandemic Three decades of intensified globalisation risk going into reverse he said He recalled that there was a lot of discussion on nearshoring onshoring and reshoring as well as on the impact of rising interest rates and an end to the era of cheap borrowing Barkindo said nothing had challenged the Davos worldview more than the war in Ukraine and the subsequent geo political fallout He said certainly there had been a lot of column inches and boardroom discussions devoted to questions regarding the future of globalisation He said that investment patterns that had dominated the last three decades were also being put to the test The OPEC secretary general listed the patterns as the idea of corporations opting for cheap offshore manufacturing slick global supply chains holding costs down and keeping inflation levels low The question now is whether the momentum behind globalisation is shifting toward local sourcing Attention in public discourse has gravitated toward issues such as so called supply chain sovereignty and domestic production facilities The deployment of sanctions and attempts to sever some countries from the global economic system has seen fractures in geopolitics spill into the economic sphere And we should not be under any illusion that the attempt to decouple economies or reverse globalisation is a product of the 2020s he said He further explained that this had been a mantra for many politicians over the last few decades According to him many communities have expressed grievances at missing out on the opportunities that come from globalisation or feel they have been aggrieved as a result of it www nananews ng Source NAN
    OPEC never wavers from its core values – Secretary-General
    General news6 months ago

    OPEC never wavers from its core values – Secretary-General

    Dr Mohammad Barkindo, the Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC) says it has never wavered from its core values in spite of the challenges in the oil industry.

    Barkindo made this known on Tuesday in his keynote address at the Mediterranean Gas (MedGas) event Dinner, at Athens, Greece.

    Barkindo said that over the last six years, the oil industry and OPEC had been faced with a range of challenges, complex and confounding in equal measure.

    “Yet, we never wavered from the core values at the heart of OPEC, respect among nations, cooperation, dialogue, and working toward collective solutions.

    “I have no doubt that these values can carry us forward to a brighter tomorrow.

    “In a few weeks from now, I will complete my assignment as OPEC secretary-general, which began six years ago, on Aug. 1, 2016.

    “The pace of change in world events over that time has been staggering. These changes have had major ramifications for the energy industry,’’ he said.

    Barkindo, while reflecting on how best to synthesise many strands and facets of these changes, said an illuminating gateway to explain the trajectory was the World Economic Forum Annual Meeting held in Davos, Switzerland.

    He said the meeting, which took place from May 22 to May 26, was the first of such meeting since the outbreak of the COVID-19 pandemic.

    “The World Economic Forum in Davos, founded by Klaus Schwab, represents more than a meeting in the popular imagination.

    “It is the platform for and exemplification of the virtues Schwab has extolled for the past half century: an interconnected world with free flow of goods, services, ideas and people contributing to shared prosperity, stability and peace.

    “These aspirations have been shaken to the core by events of the last two years.

    “Isolationism and protectionism, once confined to the fringes of political discourse, have received new prominence in elections across the world.

    “Supply chains have struggled to adjust to the realities of the COVID-19 pandemic. Three decades of intensified globalisation risk going into reverse,’’ he said.

    He recalled that there was a lot of discussion on nearshoring, onshoring and reshoring, as well as on the impact of rising interest rates and an end to the era of cheap borrowing.

    Barkindo said nothing had challenged the Davos worldview more than the war in Ukraine and the subsequent geo-political fallout.

    He said certainly, there had been a lot of column inches and boardroom discussions devoted to questions regarding the future of globalisation.

    He said that investment patterns that had dominated the last three decades were also being put to the test.

    The OPEC secretary-general listed the patterns as the idea of corporations opting for cheap offshore manufacturing, slick global supply chains holding costs down and keeping inflation levels low.

    “The question now is whether the momentum behind globalisation is shifting toward local sourcing.

    “Attention in public discourse has gravitated toward issues such as so-called ‘supply chain sovereignty’ and domestic production facilities.

    “The deployment of sanctions and attempts to sever some countries from the global economic system has seen fractures in geopolitics spill into the economic sphere.

    “And we should not be under any illusion that the attempt to ‘decouple’ economies or reverse globalisation is a product of the 2020s,’’ he said.

    He further explained that this had been a mantra for many politicians over the last few decades.

    According to him, many communities have expressed grievances at missing out on the opportunities that come from globalisation, or feel they have been aggrieved as a result of it. (www.nananews.ng

    Source: NAN

  •  Mr Mohammad Barkindo the Secretary General Organisation of the Petroleum Exporting Countries OPEC on Wednesday lauded the 2016 multilateral Declaration of Cooperation DoC between OPEC and non OPEC producers Barkindo said it was one of the major developments that had affected the global oil industry in the last six years A copy of his keynote address delivered at the Atlantic Council Global Energy Forum in Washington DC United States was obtained by the News Agency of Nigeria in Lagos He said It has been immensely pleasing over the past six years to witness the evolution of the multilateral DoC between OPEC and non OPEC producers It was not an easy task bringing everyone together it took a great deal of diplomacy and if I might say buckets of toil and sweat The efforts however were worth it Its collaborative nature and its comprehensive adaptable and robust architecture has allowed us to face a plethora of challenges head on and navigate the many bumps in then road that have shaken the global economy I am proud to recall the way in which participants in the Declaration helped pull the industry back from the brink of catastrophe following the downturn in 2014 2016 It was a monumental effort but one that helped the industry rise again like a phoenix from the ashes and in turn had a positive impact on the global economy and trade worldwide According to him having the Declaration in place also proved extremely beneficial in 2020 when there was a need to react quickly and forcefully in the face of the devastating pandemic Barkindo said the DoC decisions helped the petroleum industry to overcome the challenges witnessed in April 2020 when global oil demand went down by 20 million barrels a day The DoC has over the past six years also been a shelter and a beacon of stability despite any geopolitically induced turbulence The commitment of the DoC to a balanced and sustainable market was evidenced only last week when participants advanced the planned overall production adjustment for September 2022 into July and August This was quickly welcomed by the U S Administration the OPEC scribe said He added that the importance of the Declaration had also received backing from other producers as well as from consumers Barkindo said April 2020 proved just what can be achieved with the backing of major producers and consumers at the very highest levels of government We can all recall how this played out here in the U S With regard to the U S I am also personally gratified to have witnessed the evolution of our cooperation with a variety of U S stakeholders over the past six years I have sat here in Washington with the Atlantic Council as well as in Abu Dhabi and opened talks with other U S institutions and private sector bodies as well with the industry including U S independents I believe this stands the organisation in good stead with there now being a clearer understanding among engaged US stakeholders just what OPEC is about It is cooperation and a word I have already highlighted multilateralism that will be vital to OPEC s and the industry s future NAN
    Barkindo lauds multilateral declaration of cooperation between OPEC, non-OPEC producers
     Mr Mohammad Barkindo the Secretary General Organisation of the Petroleum Exporting Countries OPEC on Wednesday lauded the 2016 multilateral Declaration of Cooperation DoC between OPEC and non OPEC producers Barkindo said it was one of the major developments that had affected the global oil industry in the last six years A copy of his keynote address delivered at the Atlantic Council Global Energy Forum in Washington DC United States was obtained by the News Agency of Nigeria in Lagos He said It has been immensely pleasing over the past six years to witness the evolution of the multilateral DoC between OPEC and non OPEC producers It was not an easy task bringing everyone together it took a great deal of diplomacy and if I might say buckets of toil and sweat The efforts however were worth it Its collaborative nature and its comprehensive adaptable and robust architecture has allowed us to face a plethora of challenges head on and navigate the many bumps in then road that have shaken the global economy I am proud to recall the way in which participants in the Declaration helped pull the industry back from the brink of catastrophe following the downturn in 2014 2016 It was a monumental effort but one that helped the industry rise again like a phoenix from the ashes and in turn had a positive impact on the global economy and trade worldwide According to him having the Declaration in place also proved extremely beneficial in 2020 when there was a need to react quickly and forcefully in the face of the devastating pandemic Barkindo said the DoC decisions helped the petroleum industry to overcome the challenges witnessed in April 2020 when global oil demand went down by 20 million barrels a day The DoC has over the past six years also been a shelter and a beacon of stability despite any geopolitically induced turbulence The commitment of the DoC to a balanced and sustainable market was evidenced only last week when participants advanced the planned overall production adjustment for September 2022 into July and August This was quickly welcomed by the U S Administration the OPEC scribe said He added that the importance of the Declaration had also received backing from other producers as well as from consumers Barkindo said April 2020 proved just what can be achieved with the backing of major producers and consumers at the very highest levels of government We can all recall how this played out here in the U S With regard to the U S I am also personally gratified to have witnessed the evolution of our cooperation with a variety of U S stakeholders over the past six years I have sat here in Washington with the Atlantic Council as well as in Abu Dhabi and opened talks with other U S institutions and private sector bodies as well with the industry including U S independents I believe this stands the organisation in good stead with there now being a clearer understanding among engaged US stakeholders just what OPEC is about It is cooperation and a word I have already highlighted multilateralism that will be vital to OPEC s and the industry s future NAN
    Barkindo lauds multilateral declaration of cooperation between OPEC, non-OPEC producers
    General news6 months ago

    Barkindo lauds multilateral declaration of cooperation between OPEC, non-OPEC producers

    Mr Mohammad Barkindo, the Secretary-General, Organisation of the Petroleum Exporting Countries (OPEC), on Wednesday lauded the 2016 multilateral Declaration of Cooperation (DoC) between OPEC and non-OPEC producers.

    Barkindo said it was one of the major developments that had affected the global oil industry in the last six years.

    A copy of his keynote address delivered at the Atlantic Council Global Energy Forum in Washington DC, United States, was obtained by the News Agency of Nigeria in Lagos.

    He said: “It has been immensely pleasing over the past six years to witness the evolution of the multilateral DoC between OPEC and non-OPEC producers.

    “It was not an easy task bringing everyone together; it took a great deal of diplomacy, and if I might say, buckets of toil and sweat. The efforts, however, were worth it.

    “Its collaborative nature, and its comprehensive, adaptable and robust architecture, has allowed us to face a plethora of challenges head-on and navigate the many bumps in then road that have shaken the global economy.

    “I am proud to recall the way in which participants in the Declaration helped pull the industry back from the brink of catastrophe following the downturn in 2014-2016.

    “It was a monumental effort, but one that helped the industry rise again, like a phoenix from the ashes, and, in turn, had a positive impact on the global economy, and trade worldwide.

    According to him, having the Declaration in place also proved extremely beneficial in 2020, when there was a need to react quickly and forcefully in the face of the devastating pandemic.

    Barkindo said the DoC decisions helped the petroleum industry to overcome the challenges witnessed in April 2020 when global oil demand went down by 20 million barrels a day.

    “The DoC has over the past six years also been a shelter and a beacon of stability despite any geopolitically-induced turbulence.

    “The commitment of the DoC to a balanced and sustainable market was evidenced only last week when participants advanced the planned overall production adjustment for September 2022, into July and August.

    “This was quickly welcomed by the U.S Administration, ” the OPEC scribe said.

    He added that the importance of the Declaration had also received backing from other producers, as well as from consumers.

    Barkindo said: “April 2020 proved just what can be achieved with the backing of major producers and consumers at the very highest levels of government.

    “We can all recall how this played out here in the U.S.

    “With regard to the U.S, I am also personally gratified to have witnessed the evolution of our cooperation with a variety of U.S stakeholders over the past six years.

    “I have sat here in Washington with the Atlantic Council, as well as in Abu Dhabi, and opened talks with other U.S institutions and private sector bodies, as well with the industry, including U.S independents.

    “I believe this stands the organisation in good stead; with there now being a clearer understanding among engaged US stakeholders just what OPEC is about.

    “It is cooperation, and a word I have already highlighted, multilateralism, that will be vital to OPEC’s and the industry’s future.”


    (NAN)

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