Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has urged for increased investment in the oil and gas sector, presenting it as a necessary step toward scaling the renewable energy industry in Africa.
Speaking at the African Energy Week (AEW) 2024 OPEC Roundtable in South Africa, Lokpobiri emphasised that Africa’s journey towards renewables requires significant capital, which can be supported by robust investments in traditional energy.
OPEC, represented by Secretary-General Haitham Al Ghais, echoed this stance, noting that the oil and gas industry could actively contribute to climate solutions through low-carbon technologies like carbon capture. Al Ghais added that the climate crisis must be addressed by reducing emissions rather than excluding specific fuel sources.
As African nations face energy scarcity—with over 600 million people lacking electricity—expanding crude oil production is seen as essential. Gabon’s Minister of Petroleum, Marcel Abeke, who also serves as OPEC President, reinforced this view, asserting the importance of uniting against energy poverty. Gabon, aiming to increase its crude production to 500,000 barrels per day, is inviting foreign investment in its vast gas reserves.
We are inviting investors to come and explore so that we can progressively increase our production. There is not only oil, but there are important gas reserves which have been discovered in Gabon,” Abeke said, pointing to Gabon’s strategic plans for growth through oil and gas.
Both ministers expressed optimism that African countries can drive economic development and renewable energy expansion simultaneously through targeted investment in traditional energy sectors.