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FG Proposes Harmonized Petroleum Industry Policies For APPA

 

Vice President, Prof. Yemi Osibanjo has charged members of African Petroleum Producers Association (APPA) to harmonize their oil and gas policies as well as their local contents laws that would enhance petroleum exploration and exploitation in the continent.

Declaring open the 6th African Petroleum Congress and Exhibition of African Petroleum Producers Association in Abuja the Vice President called on member countries to initiate the policy that would address deficiency in oil and gas infrastructure in Africa.

He informed that the Federal government is involved in several projects aimed at improving oil and gas sector in Africa which includes West African Gas Project targeted at ensuring availability of gas in West Africa. Apart from this he called for reduction of gas flaring in Africa. He regretted that over 40 billion cubit meter of gas is being flared in Africa and of it by Nigeria.

The Vice President who represented President Muhammadu Buhari at the event further called for APPA delegates to come up with realistic target of ending gas flaring in Africa, value addition to petroleum products and seek ways of increasing regional refining capacity.

Earlier in his remarks, the Minister of State Petroleum Dr. Emmanuel Ibe Kachikwu said that price volatility remains a major concern adding that there are universal concerns on whether oil should continue to be a major source of income for countries. He said that the meeting came at the appropriate time and expressed the hope that the meeting would come up with solutions.

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