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APPO to make oil beneficial to Africans -Kachikwu

…As group inaugurates board in Africa

Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Tuesday, in Abuja, said the African Petroleum Producers Organisation (APPO), will ensure that Africans benefitted from the continent’s hydrocarbon resources.

Speaking at the inauguration of its executive board in an attempt to reform the oil and gas sector in Africa, Kachikwu, who doubles as the APPO President, said the group is working “towards leaving a lasting legacy that would cascade towards beneficial oil and gas resource ownership for Africa and Africans.”

While undergoing important reforms focused on creating a united African front on the global energy stage, the minister said the board will undertake a detailed study and come up with recommendations that would create a working guide on reform and capitalisation of the APPO fund.

Kachikwu noted that, “the only way growth would happen in this sector in the whole of Africa is through an inter-dependence approach. All of us must be able to hold hands and find a way of supporting one another, in terms of the research, in terms of the internal investments potential and capabilities, and also help to drive the process.”

Executive members present at the board inauguration were Dr. Folasade Yemi-Esan, Nigeria; Salissou Moussa Diakite, Niger; Valérie Commelin, Chad; Epigat Fernand, Gabon; André Joseph Okondza, Congo; Doukoure Ousmane; Côte d’Ivoire; and Tchananti Sahgui Tiatti, Benin.

Meanwhile, African oil producers and global oil and gas explorers, producers and service companies are expected to gather in Malabo, Equatorial Guinea, to discuss the way forward.

The event, which will mainly host APPO and its member countries, comes ahead of the group’s call for unity, cooperation, and reform amongst oil producers on the continent to address barriers hindering the progress of the sector.

The Malabo meet will hold on the platform of Cape VII Congress and Exhibition, scheduled for April 1-5, in Malabo, with Secretary-General, Mahaman Laouan Gaya, noting that forming synergy is critical for oil producers in Africa.

Gaya said: “We invite the global oil and gas industry to participate in this historic conference. Cape VII is like the Olympics of African oil and gas, it’s a time when the world comes together. Africa needs unity and synergy in all sectors of its economies to boost growth. When we unite, it is easier to collaborate.”

The conference, tagged, ‘Pathways to Shared Prosperity in the African Petroleum Industry,’ highlights regional cooperation and promotes alliances in African energy and also expected to spotlight key regional energy projects and initiatives among member countries.

“Regulatory and policy reforms are needed on a case-by-case basis. Countries like Ghana, Senegal, and Mozambique have some of the most attractive and competitive market conditions in the world. Additionally, Africa has proven itself as a host of mega discoveries with a wealth of untapped and undiscovered potential,” Gaya said.

SOURCE: guardianng