Africans have been urged to make effective utilization of her natural resources to ensure development of the continent.
Chairman/Chief Executive Officer (CEO) of Mentor Energy Consulting Limited in Nigeria, Victor Eromosele said here during the maiden edition of the Sub-Sahara Africa Upstream Oil and Gas Summit and Exhibition under the theme: ?Unlocking Potentials in Sub-Sahara Upstream Oil & Gas? on Wednesday.
The population of Sub-Sahara Africa (SSA) is estimated to be 350 million and this he observed offered a bigger market for the people on the continent for development.
Eromosele argued there would not be the need for Africa to export its natural resources to other parts of the world for cheaper prices if the people consumed whatever resources they exploited as that would bring about development.
?I think if we want to develop as a continent, then we better learn to utilize our own resources,? he said.
Dapo Ayoola, CEO, Sub Sahara Africa Upstream Oil and Gas Summit & Exhibition and Group Managing Consultant for Zenith Professional Training said the oil and gas required the commitment of huge funding and structure and therefore not for the faint hearted.
The summit, he noted would therefore bring to the doorstep of African oil and gas leaders, practitioners and the support service providers annual opportunities to exchange ideas for purpose of developing and improving best practices in the sector.
The proven reserve of SSA in 2012 is estimated at 60,260 billion barrels with production of 6,001 billion barrels in 2011 and export of 5,735 billion barrels in 2010.
Participants at the summit who are experts in the oil and gas industry drawn from the continent are expected to use the two days to deliberate on topical issues facing the sector.
Among key topics to be discussed by the experts include: unlocking potentials in SSA upstream oil and gas- a case for East and West Africa, financing; key to harnessing potentials in upstream oil and gas as well as oil and gas sub-sea technologies; challenges of choice.
The summit which opened here in the national capital Wednesday will end on Friday April 3 with participants issuing a communique on the way forward for the oil and gas industry on the continent. Enditem.
