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Nigeria, 17 other African nations account for 15% of world oil production

lcThe Executive Secretary of the African Petroleum Producers Association (APPA), Gabriel Dansou Lokossou, has said the association member countries which include Nigeria now account for 15 per cent of the world crude oil production.

Lokossou also stated that 10 per cent of global gas production was now contributed by members of APPA. He made the disclosure in Abuja during the opening of bids for the selection of a consultant that will manage the sixth African Petroleum Congress and Exhibition (CAPE VI).

Nigeria will host the CAPE VI in March 2016. Alongside 17 other African countries, which include Algeria, Angola, Benin, Congo, Democratic Republic of Congo, Niger, Gabon, Egypt, Equatorial Guinea, South Africa, Cameroon, Ghana, Mauritania, Sudan, Chad, Cameroon and Cote d’Ivoire make up APPA members.

Lokossou disclosed that with the discovery of oil and gas in East Africa, Africa is about to become the most important supplier of crude oil to the world.

He equally added that the cooperation of APPA member countries was yielding results in the promotion of exploration activities and development of new oil fields to increase the continent’s production level.

“Africa has become one of the most important crude oil supply region in the world. We are trying to develop some projects aimed at promotion of local content in Africa countries so that jobs previously done outside Africa will be done in-country thereby retaining c

apital flight,” he said.

Lokossou further said: “We are also developing the use of local services and made in Africa materials in the industry to increase the activities done locally and increase revenue to the countries, and with the use of the revenue in the countries, poverty will be reduced.”

He explained that the development of a framework of legal and contractual situation for Africa’s oil sector which will allow countries to sign good contracts with oil companies and also allow National Oil Companies (NOCs) to participate more actively in the industry has been developed.

According to him, this will help countries to further develop oil resources and increase their revenue.
“We are looking at changes in most APPA member countries where oil revenue is participating in the development of these countries. APPA is working to further increase the situation,” he added.

In his remarks, the Permanent Secretary, Ministry of Petroleum Resources, Danladi Kifasi, who is Nigeria’s representative in APPA, explained that CAPE offers a platform of opportunities to develop relations and ties between decision makers and professionals from the sector.

Source: The Business and Financial Times

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