Petroleum sector facing growing challenges, says WPC president

Istanbul [Turkey], July 10 (ANI): World Petroleum Council president Jozsef Laszlo Toth has said that the global petroleum sector is facing growing challenges as the population has increased and economic development has brought about a large number of consumers into the market.

He was addressing the 22nd World Petroleum Congress (WPC) in Istanbul, Turkey.

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo said that the member states of the bloc support the stance of the G-20 leaders who have pledged to fully implement the Paris Agreement on Climate Change.

Despite U.S. withdrawal, the other 19 members of the G-20 unanimously said the climate change deal is "irreversible" and OPEC supports this position, Barkindo said on the sidelines of the World Petroleum Congress.

All OPEC member countries have signed the agreement, Xinhua quoted him, as saying.

The 22nd World Petroleum Congress, which is the largest gathering for the oil and gas industry, began on Sunday in Istanbul with a view to addressing the challenges facing the sector.

The G-20 Declaration issued in Hamburg said world leaders remain "collectively committed" to mitigating greenhouse gas emissions but "take note of" the decision of the United States to withdraw from the agreement.

The Paris Agreement aims to tackle climate change by cutting greenhouse gas emissions and sets a global target of keeping the rise in the average temperature no higher than 2 degrees Celsius above pre-industrial levels.

The event is conducted by the World Petroleum Council, which is a non-advocacy, non-political organization with an agenda which includes plenary session, ministerial sessions and the round table discussions on the level of CEOs. It is the largest meeting of the oil and gas industry where delegates, ministers, policy makers, CEOs from 100 countries will attend.

At the high-level opening ceremony on Sunday, U.S. Secretary of State Rex Tillerson was honoured with a lifetime achievement award, the Dewhurst Award, for his exceptional contribution to the industry.

Tillerson is the ex-chairman and former chief executive officer of Exxon Mobil Corp.

"Energy is fundamental to economic growth and prosperity, it's fundamental to lifting people out of poverty the world over, that it requires massive investments over long periods of time and requires enormous risk-taking and risk management.", Tillerson said in his speech upon receiving the award.

The congress will conclude on July 13. (ANI)

This story has not been edited. It has been published as provided by ANI