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HomeAfricaAfrican experts, ministers to design documents for petroleum fund

African experts, ministers to design documents for petroleum fund

 African experts and ministers responsible for hyd rocarbons will gather in Ethiopia from Wednesday to craft key documents in the e n ergy sector, the AU disclosed here Tuesday.

A strategy and a plan of action for the resource mobilization of the African Pet roleum Fund are expected to be designed during the second edition of the Confere n ce of Ministers responsible for Hydrocarbons, holding 9-11 December at the AU He a dquarters in Addis Ababa, Ethiopia.

The conference will also review the oil and gas sector in the continent, accordi ng to the AU.

The continental review will be based on a study jointly conducted by the AU and the African Development Bank (AfDB).

“In addition, as globalization is affecting Africa with crises such as high oi l prices, the conference will dedicate a session to regional training on the sim u lation model on high oil prices impact on the African economies,” the AU press statement said.

Africa is gaining importance as an oil-producing region. From 1990 to 2005, oil production rose from 6.5 to 9.3 million barrels per day, representing an increas e from 9.9 per cent to 11.2 per cent of the world production.

The sustained high oil price in recent years has highlighted Africa’s potentia l as a supplier of oil, and the continent has become the focus of attention of s o me major oil importing countries, notably China, according to the United Nations

Conference on Trade and Development (UNCTAD).

The conference will start with an experts’ session which will run from 9-10 Dece mber while the ministerial meeting will take place on 11 December, AU said.

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