Business

African oil producers mull regional investment pool

The maiden edition of the African Local Content Roundtable has ended at the Nigerian Content Tower in Yenagoa, Bayelsa State, Southsouth Nigeria, with a strong push by Nigeria and other members of the African Petroleum Producers Association (APPO) to develop regional oil and gas investments and renegotiate the COP-21 Climate Change Agreement.

 

The agreement is what is driving the accelerated move by developed countries to disuse fossil fuels (oil and gas) as the preferred source of energy for transportation and embrace renewable sources.

 

Minister of State for Petroleum Resources, Chief Timipre Sylva, a statement sent to New Telegraph showed, delivered the keynote address at the two-day retreat attended by representatives of APPO member-states physically and via the virtual platforms.

 

He charged African oilproducing countries and their oil and gas companies to cooperate closely in developing and sharing capacities and capabilities that would optimize hydrocarbon deposits and achieve economic growth and development.

 

The minister also advised that it was time to “quickly create innovative funding mechanisms for major projects using local resources and break away from the yoke of depending on foreign lenders who are becoming increasingly reluctant to fund hydrocarbon-related projects.”

 

Sylva also expressed hope that the African Continental Free Trade Area (AfCFTA) would make it possible for well-established local manufacturing, operating and service companies to operate across the continent’s hydrocarbons industry without hitches.

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