OPEC’s Secretary-General, Mohammad Sanusi Barkindo, said that oil and gas will continue to play a central role in achieving sustainable economic development and reducing energy poverty.
During the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Barkindo added that the organization’s analysis predicted a 25% growth in total primary energy demand worldwide between 2018 and 2040, with oil and gas expected to meet most of this demand, citing Zawya.
Barkindo clarified that the growth would be driven by rising demand in developing countries, where almost one billion people still lacked access to electricity and three billion had no access to clean fuels for cooking.
Barkindo pointed out that all forms of energy will be required to meet this expanded demand in a sustainable way, adding, “Renewables are contributing the largest growth in percentage terms, including significant expansion in investment in OPEC member countries, particularly here in the UAE. Natural gas has the largest growth in terms of replacing coal (for electricity generation), and oil retains its role with the largest share in the energy mix.”
“In fact, oil and gas combined are still expected to make up more than 50% of the energy mix in 2040,” Barkindo stressed during ADIPEC, which has been taking place from November 11 to 14 at the Abu Dhabi National Exhibition Centre (ADNEC), under the patronage of President of the UAE, Sheikh Khalifa Bin Zayed Al Nahyan.