The annual Summit is a gathering of key players of Africa's oil industry and it serves as platform to engage around the governance of the oil and gas resources to transition oil-producing countries onto an accelerated development trajectory that takes advantage of the continent's position as the last oil frontier of the world.

 

Attended by participants from government ministries, industry regulation agencies, accountability institutions, oil and gas companies, civil society organizations, and other key organizations, this year's gathering discussed the effects of oil price shocks on the economies of African countries and how failure to take appropriate actions and measures to address the negative effects of oil price shocks could have adverse implications for the provision of social and economic infrastructure and services to the region.

 

Isabelle Ramdoo, Senior Linkages and Investment Advisor of AMDC, said, "The participants are all aware that the state of oil resource governance in Africa is still under-developed and could further compound the development challenges and all of them agreed that the Africa Mining Vision can accelerate the region's development, notably through value linkages and regional integration."

 

Other recommendations include various actions in addressing the effect of oil price shocks, improving oil resource governance, promoting domestic resource mobilization, encouraging investment in Africa's extractive sector, promoting regional integration, supporting sustainable development, and engaging communities and promoting their development.

Source : allafrica.com