OPEC President Calls for Increased Investment in Oil and Gas

February 22, 2022by Extractives Baraza

H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of the Congo. (Image source: energycapitalpower.com)

By: Charné Hundermark

While geopolitical risk and the energy transition continue to destabilize oil prices, H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of the Congo, has called for enhanced investment in hydrocarbon exploration and production worldwide, emphasizing that there is no immediate solution for the current price volatility seen in global markets.

Speaking during an event in Riyadh last week, the Minister, who also serves as the Organization of Petroleum Exporting Countries (OPEC) President, provided insight into how geopolitical risk and the continued lack of investment in fossil fuels comprise key challenges for both African and global energy markets.

“…We will be reaching $100 a barrel in a short space of time. The geopolitical risk will push oil prices up to $120,” stated H.E. Minister Itoua.

Meanwhile, in order to mitigate prices rising even further, the Minister called for the scaling up of investment, particularly considering the role oil and gas will continue to play in the global energy mix.

“It is in everyone’s interests that sustainable investment continues to be allocated to the fossil fuel sector for two fundamental reasons. Firstly, to support research and development to decarbonize the production and exploration value chain in fossil fuels in order to reduce emissions. Secondly, to maintain supply and production at a level that will support global energy demand which will continue to grow around the world and region,” he said.

Source: Energy Capital & Power

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