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How to grow oil and gas business in Africa
For oil and gas downstream business to grow in Africa, there should be
effective policy formulation, implementation and creation of enabling
environment for investments.
The Chief Executive Officer of Zenon Oil Limited, Mr Femi Otedola
disclosed this at a lecture titled: "Future of Oil and Gas Downstream
Business in Africa" delivered at the International Downstream Conference
2007 in Lagos. According to him, there should also be political
stability in the region, increased investment as well as regional
cooperation.
He further said for the oil and gas downstream business to bolster in
Africa, there should be regional initiative on procurement, distribution
and refining and development of local manpower for the operation and
maintenance of infrastructure.
Otedola added that the downstream business is still being challenged by
some factors such as environmental degradation and lack of social
responsibility benchmarks leading to host community unrests. According
to him, existing regulatory framework in the continent breeds
inefficiency in the downstream supply chain.
