8 Septemberr 2011, Sweetcrude, Abuja- Executive Secretary, African Petroleum Producers Association (APPA), Dr. Babafemi Oyewole, has said developing and emerging countries with oil and gas interest need to mobilise $8 trillion (N120 trillion) to meet the required energy investment gaps at the global level within the next 25 years.
He disclosed this in Abuja while announcing the upcoming Oil and Gas Africa Finance and Investment Conference being organised by APPA in conjuction with Nigeria’s Ministry of Petroleum Resources. The conference is slated for Abuja from November 15 to 16 this year.
Oyewole said the International Energy Agency (IEA) report that projected energy investments in 2009, recommended the need for a forum for all stakeholders to meet and discuss the sources of and strategies for mobilising the financial resources required for the development of the oil and gas industry in Africa.
He stated that over the last few decades, Africa’s hydrocarbon industry had been characterised by a renaissance with major new producing countries appearing on the global production map and several more due to come on line.
Oyewole said: “Investment, however, is still vitally needed in the upstream, midstream, downstream and ancillary projects to fully utilise Africa’s oil and gas potential and at the same time increase its share of global reserves and production