African oil producers urge investment to boost production

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African oil producers urge investment to boost production
African oil producers urge investment to boost production

Africa-Press – Eswatini. Africa’s main Oil Producers and Exporters are meeting in Luanda, the Angolan capital. They are seeking solutions to increase investment in the oil sector and the energy transition.

“A lot of things have been happening in the world today to make us believe that they are not serious about energy transition because when the national interest security, the energy security is threatened, they forget any transition and they come asking for more oil and gas and even coal,” said Omar Ibrahim, Secretary-General of the African Petroleum Producers’ Organization.

The lack of investment in Africa’s oil and gas sector over the past few years has led to a sharp decline in production.

With the sanctions on Russian energy, OPEC and its allies have set a target to meet a larger share of the global market.

In March, Angola and Nigeria, according to OPEC data, accounted for almost half of the deficit in oil supply to the global market.

“No doubt that the politician tension between Russia and Ukraine has caused supply disruptions in the market and therefore there is a shortage of supply in the market, but it doesn’t affect Nigeria because we have a high grade of crude oil, that is always required by the market for blending to other crude oil productions in the world,” said Mele Kyari, managing director of Nigeria’s National Petroleum Corporation.

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