Africa’s Oil and Gas Ministers are mulling the idea that a greater percentage of financing of oil and gas projects on the continent should be financed by Africa based financiers.
At the 41st ministerial session of the African Petroleum Producers’ Organization (APPO) , the ministers identified the imminent challenges that the oil and gas industry will face in Africa as international financiers withdraw funding for the industry, and oil and gas research institutions in the developed countries that have always led the technological development are closing their petroleum faculties.
“The Council resolved to look within the continent at both public and private sources to raise the necessary capital to continue to finance the oil and gas industry”, according to a statement on the resolutions released by the APPO secretariat. “They agreed that Africa needs to” re-strategize as the game is fast changing.
“Furthermore, the Council called on the technologically advanced and financially capable countries to lend their support to African countries as they grapple with the challenges of Energy Transition”.