OPEC ready to continue dialogue with Turkmenistan on sustainable development of energy resources

KUALA LUMPUR. April 23 (Interfax) - OPEC is ready to continue its dialogue with Turkmenistan on the sustainable development of energy resources, demand for which is expected to grow, OPEC Secretary General Haitham Al-Ghais said in a video address at the International Forum to Attract Foreign Investments in Turkmenistan's Economy.

"Turkmenistan possesses significant energy reserves, primarily natural gas and oil. In terms of gas reserves, it ranks fourth in the world and is among the top ten global producers. In addition, the country plans to expand its oil production capacities," Al-Ghais said.

"The country is a key energy hub located in Central Asia. To its east lie Asian countries with growing demand for energy, and Europe is to its west," he said.

"When we look at the outlook for our global energy future, all forecasts show that demand for hydrocarbons will be much higher by 2050, as the global economy will more than double. The population will reach 9.7 billion by 2050, and another 500 million people are expected to move into cities by 2030, accelerating urbanization. Around 680 million people around the world still lack access to electricity, and the rise of artificial intelligence is driving up energy demand for data processing centers," he said.

"The question is whether we will be able to meet these growing energy needs while simultaneously reducing harmful emissions into the atmosphere," Al Ghais said.

Despite the projected growth of renewable energy sources, it is expected that by 2050, oil and gas will still account for nearly 55% of the global energy mix. "Even today, the world needs more oil and gas to ensure energy and economic security. We are seeing record levels of oil production today. And we see that in the future, demand will continue to grow year after year until 2050," he said.

"We also recognize the need for continuous emission reductions through the use of various technologies and initiatives, such as global methane commitments for data sharing, of which Turkmenistan is a part," he said.

"For the oil industry alone, investment needs through 2050 will total 17.4 trillion dollars, or 640 billion dollars per year," he said.

"As OPEC, we greatly value the development of dialogue with Turkmenistan and are committed to continuing this dialogue in the future, with a particular focus on the sustainable development of energy resources that the world needs," Al Ghais said.

Turkmenistan plans to develop its gas production and exports, including to European markets, International Energy Agency (IEA) Executive Director Fatih Birol said in a video address. "Demand for natural gas will grow significantly due to the electricity sector, industry and households," he said.

In this regard, Birol also noted the problem of methane emissions, which contribute to climate change. "I am confident that Turkmenistan, which has made the relevant commitments, will fulfill them. And the IEA will continue to work with Turkmenistan and beyond to ensure we have a secure energy system at both regional and global levels," he said.