African Leaders Call for Integrated Strategy On Oil

African energy ministers, majority of whose countries are net petroleum importers, are calling for a collective approach in the exploration, production and management of the continent’s oil resources.

The call for co-operation comes in wake of an ever-swelling import bill for the respective economies, despite the emerging oil discoveries as well as the traditional big oil producers, such as Nigeria.
Many of the African countries are landlocked, lack oil resources and are highly dependent on oil, whose escalating bill has led to distortions, such as high inflation.

“We have become price-takers,” complained Michael Nyambuya, the Zimbabwean energy minister.

“In my country, we have had to forego some commodities just (in favour of) petroleum,” he told delegates at the 11th African oil and gas, trade and finance conference in Nairobi, last week.

The ministers proposed an integrated energy policy in the production of both oil and energy products (electric power), standard specification and general management with UNCTAD providing technical advice.

AllAfrica