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African Oil Ministers map out a strategy for the sector

Between the assessment of the activities of the organization chaired by Algeria for the year 2021 and the reflection on the future of the oil and gas industry in Africa, the Council of Ministers of the African Organization of the oil-producing countries (APPO) held its 40th extraordinary session on Thursday 11 March by videoconference. Vincent de Paul Massassa took part.

Gabon’s Minister of Oil, Gas and Mines, Vincent de Paul Massassa, took part in the 40th extraordinary session of the Council of Ministers of the African Organization of Petroleum Producing Countries (APPO) on Thursday, March 11. Due to the coronavirus pandemic, the work was held by videoconference under the chairmanship of the Algerian Minister of Energy and Mines, Mohamed Arkab.

*** Local Caption *** Le ministre du Pétrole, Vincent de Paul Massassa, à la faveur de son entrevue avec son homologue de Guinée équatoriale.

From the opening of the proceedings, the current president of APPO “called on the African oil-producing countries to a common and united effort to find solutions to the multiple challenges facing the hydrocarbons sector, notably evoking the transition energy and the lack of funding for fossil fuel projects, ”reports the Algerie Presse Service (APS) agency.

For Mohamed Arkab, in fact, “the African oil and gas industry faces challenges that will become even more evident as the world strives to move away from fossil fuels to renewable energies.” He did not fail to point out that “some of the world’s main multilateral financial institutions, the World Bank, the Investment Bank and even private financial institutions have publicly announced their intention to end loans intended for fossil fuel projects ”.

During this meeting, African oil ministers, therefore, deemed it necessary to discuss a study focused on “the future of the oil and gas industry in Africa”. Their work has also made it possible to assess the activities of the organization in recent years, and particularly since the outbreak of the coronavirus pandemic.

APPO, established in 1987, is an African intergovernmental organization whose main mission is to promote common policy and management strategy initiatives in all areas of the petroleum industry. The aim: to enable Member States to profit from oil exploitation activities. The organization brings together 15 countries including Gabon, and three observer countries namely: Sudan, Ghana and Mauritania.

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