There is a renewed vigour by Nigeria and other members of the African Petroleum Producers Association (APPO) to develop regional oil and gas investments and renegotiate the COP-21 Climate Change Agreement.
Already, the oil producers are working on an Africa Local Content Fund that could be utilised to set up a bank or finance institution to provide funding for the development of oil and gas projects in the continent.
COP-21 climate change agreement is driving the accelerated move by developed countries to discourage fossil fuels as the preferred source of energy for transportation and embrace renewable sources.
The Minister of State for Petroleum Resources, Timipre Sylva, who delivered the keynote address at the two-day retreat attended by representatives of APPO member states charged African oil-producing countries and their oil and gas companies to cooperate closely in developing and sharing capacities and capabilities that would optimize hydrocarbon deposits and achieve…
Source: Guardian Newspaper