• 3 minutes Electric cars may make driving too expensive for middle classes, warns Vauxhall chief
  • 6 minutes Natural gas mobility for heavy duty trucks
  • 12 minutes Colonial pipeline hack
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Texas Power Outage Danger Until June 18th. Texans told to conserve energy!
  • 16 mins Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 4 hours Federal Judge Says Biden Probably Wrong for Halting Drilling on Federal Land
  • 3 days And now, hybrid electric locomotives...
Can Fracking Save Colombia?

Can Fracking Save Colombia?

Colombia's crude oil reserves are…

$100 Oil Predictions Soar As Analysts Warn Of Supply Crisis

$100 Oil Predictions Soar As Analysts Warn Of Supply Crisis

Incredible demand, inflation, and shareholder…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Africa’s Oil Nations Push Against Global Drive To Shun Oil And Gas

Africa’s largest oil producers do not plan to abandon oil and gas exploration and production and could consider creating a continent-wide bank to fund new projects when international banks refuse to finance new developments.

Nigeria, an OPEC member and the largest oil producer in Africa, hosted this week a round table on local content in oil and gas projects, attended by Nigeria’s Oil Minister Timipre Sylva, the Secretary-General of the African Petroleum Producers’ Organization (APPO), Omar Ibrahim, and representatives of other African producers where oil and gas is an important part of the gross domestic product (GDP). The nations present included Angola, Algeria, Egypt, Gabon, Cameroon, and Niger.

“While over 15 African nations are producing and exporting crude oil, a sad reality is that our people have not benefited maximally from this natural resource,” Nigeria’s minister Sylva said, as carried by local outlet This Day

Raising the share of local content in oilfield services and the industry’s supply chain is one of the ways to cope with the growing reluctance for funding oil and gas projects and the environmental backlash against fossil fuels, according to Sylva.

Simbi Wabote, Executive Secretary at the Nigerian Content Development Monitoring Board (NCDMB), said that Africa may need to set up a continental bank to fund oil and gas projects now that major international banks are reviewing their exposure and commitments to fossil fuels.

“Financial institutions and IOCs, even educational research institutions, that are centres of innovation for the industry are closing their petroleum faculties in order to be seen to be in conformity with the global paradigm shift,” This Day quoted the secretary general of the African Petroleum Producers’ Organization, Ibrahim, as saying.

“With over 100 billion barrels of oil still in our ground, most economies are still heavily dependent on oil revenue. Is Africa ready to forgo the production of those 100 billion barrels and classify them as wasted assets?’’ Ibrahim added.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News