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Clean energy transition threatens African economies stability
African countries decided to create a bank to finance future oil and gas projects as they are not African countries are not prepared to abandon fossil fuels and have
This is one of the conclusions of the eighth African Petroleum Congress and Exhibition (CAPE VIII) held in Angolan capital Luanda between May 16 -19.
Using gas as a transition fuel because it has low carbon content, is one of the recommendations of the event, according the African Petroleum Producers’ Organization (APPO) general-secretary Mr Omar Farouk Ibrahim.
The partnership between APPO and the EXIMBANK, to create a bank to support the oil sector in Africa, should be supported by African countries so that this bank becomes operational as soon as possible to sustain the industry, Mr Ibrahim added.
The event also recommended that other African banks and sovereign wealth funds as well as other funds has to support the continent’s oil industry, which besides money, lacks its own technology and human capital.
The continent has 125 billion barrels of oil and over 6 trillion cubic feet of gas reserves.
Africa must strategize to overcome the financial, technological and human challenges as soon as possible so that these billions of reserves are not declared worthless, congress delegates agreed.
“National oil companies, have a key role to play in sustaining the local oil and gas industry in the absence of traditional partners, with a view to reducing dependence on imported oil equipment, spare parts and consumables”.
Under the theme “Energy Transition and the Future of the Oil and Gas Industry in Africa – Opportunities, Challenges and Development,” the congress held in Luanda brought together over 450 delegates, including 10 ministerial delegations.
Over 34 countries were represented at the event and the fair joined 66 exhibitors.
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