I met with Günther Oettinger, the EU Energy Commissioner, at the 11th EU-OPEC Energy Dialogue Ministerial Meeting in Brussels on Tuesday. We discussed the role Nigeria can play in supporting the EU’s energy sector priorities, and particularly the long-term security and diversification of gas supplies. I highlighted that gas production has increased to over 8 billion cubic feet per day, and Nigeria is the eighth largest gas producer in the world, and sixth largest gas supplier to Europe. Significant investment is planned to support expansion of the sector over the coming years and whilst increasing domestic power generation is a priority for the government, export capacity will also rapidly grow, particularly as new LNG projects are completed. In my keynote address at the event I talked about how reform in the energy sector will support the longer-term economic priorities of Africa’s largest economy, with significant investment planned in infrastructure, power generation, industry and agriculture, as well as in health and education services. In addition, I covered the strong trade and energy relationship between OPEC and EU countries. OPEC countries supply the EU with over thirty per cent of annual oil consumption and nearly twenty per cent of annual gas demand. In turn, the EU is playing a vital role in supporting the development of renewable energy technology to support the long-term diversification of primary energy sources. I also focused on the role of OPEC in ensuring stability, transparency and predictability in the international oil markets, which is essential as the global economies recover and strengthen. Longer term, OPEC member countries will continue to play an essential role, and it is anticipated that they will provide as much as 11 million barrels per day (Mbpd) out of the anticipated 18 Mbpd of additional oil required to meet the expected worldwide demand growth by 2035.
Posted on: Fri, 27 Jun 2014 09:00:01 +0000
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