Africa-Press – Angola. Top representatives of oil companies affiliated and unaffiliated with the Organization of African Petroleum Producing Countries (APPO) meet, on Monday, in Luanda, at a meeting sponsored by Sonangol to, among other things, discuss the establishment of a fund aimed at boosting the continental hydrocarbon industry.
The meeting, announced yesterday in a radio program broadcast by Sonangol on Channel A of Rádio Nacional de Angola (RNA), takes place throughout Monday, also providing for an approach to long-term strategies with a view to implementing programs linked to the energy transition.
This is the third meeting to bring together presidents of companies associated and not associated with the continental organization, with Angola, in its capacity as president of APPO since 2021, assuming a relevant role in accelerating the search for financial autonomy for the African oil industry, a of the main recommendations of the 8th African Petroleum Congress and Exhibition (CAPE VIII) that Luanda hosted in May of this year.
The issues raised in Monday’s and previous discussions are related to the fact that, despite holding reserves estimated at 125 billion barrels of crude oil and 600 trillion metric tons of natural gas, African countries are facing with the advent of the energy transition process underway in the world to curb global warming.
This contingency occurs, despite the continent being the smallest emitter of polluting gases, which is why the organization seeks to find the best solutions to avoid wasting these important economic resources.
CAPE VIII, which had 467 participants from 34 countries and 10 observer delegations, ended with the presentation of a partnership with Afreximbank, as well as the proposal for a study on the creation of an intercontinental oil pipeline.
On the occasion, the secretary general of APPO, Omar Ibrahim, warned that member states will only be able to survive the consequences of the energy transition through a well-structured program, based on cooperation and sharing of experience in the various domains, in order to create valences for that the continental market is able to transform all products in the value chain and consume their production.
The official presented as threats to the continental oil industry, the imminent withdrawal of the usual sources of financing and discontinuity in consumption levels by the main buyers of fossil fuels, urging measures to be taken with a view to safeguarding the economic importance of the reserves available in the territories of the Member states.
Discussions also focused on the creation of an African Energy Bank, regional institutions of a technical and technological nature, as well as joint operations in the field of research, environmental protection and enhancement of local content.
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