Petroleum congress ‘resounding success’

JOHANNESBURG – The 18th Word Petroleum Congress (WPC) had been a “resounding success” and was a demonstration of the increasing co-operation between African governments, the Minister of Minerals and Energy, Lindiwe Hendricks, said yesterday.

“This co-operation should be applauded, and it is indicative of the trend towards improved relations amongst African governments,” she said on the last day of the congress in Johannesburg. She said dialogue on oil prices and price volatility was critical as it had a significant impact on producer and consumer countries.The role of governments was important in creating a stable investment environment.”Of critical importance is that this investment takes place in developing countries, in particular in African economies,” Hendricks said.Africa was fortunate that more oil was being discovered while technological innovations were making production more effective.Hendricks said she was pleased to hear the industry had reaffirmed its commitment to create a cleaner and safer environment.”Countries have also committed to harmonise fuel specifications with the objective of moving towards the consumption of cleaner fuels.”African national oil companies had expressed interest in helping to “energise” the continent by providing gas to low-income households, which would alleviate energy poverty.”Investment in and commercialisation of gas in Africa are being considered as a matter of urgency,” Hendricks said.Africa’s resources should be used to benefit the continent’s socio-economic growth, and companies needed to ensure that they involved local people and enterprises in their projects.Hendricks said governments needed to ensure there was more transparency in the regulation of the industry and the use of revenue generated.”The industry needs to be equally transparent on the pricing and marketing of oil and gas products.”One of the congress’s biggest achievements was that it had attracted a large contingent of young, enthusiastic professionals who would ensure the growth of the sector.WPC president Eivald Roren said he was overwhelmed by the success of the congress.Of particular importance was the involvement of youth and women, which was part of the WPC’s strategy to rejuvenate itself.”The petroleum industry, as many other industries, has been dominated by men.We all have to think in terms of the next generation,” he said.Roren said corruption affecting the oil industry was a “special form of cancer” which absorbed large amounts of money and put the brakes on investment.Globally corruption cost US$1 trillion annually, which was two percent of the world’s gross economic product.”It takes time to change it because it deals with the culture.”Unless that is changed we are wasting a lot of time and effort to get on with societal development,” Roren said.Companies needed to be more transparent and host governments had to take resolute action to address the problem.-Nampa-SapaShe said dialogue on oil prices and price volatility was critical as it had a significant impact on producer and consumer countries.The role of governments was important in creating a stable investment environment.”Of critical importance is that this investment takes place in developing countries, in particular in African economies,” Hendricks said.Africa was fortunate that more oil was being discovered while technological innovations were making production more effective.Hendricks said she was pleased to hear the industry had reaffirmed its commitment to create a cleaner and safer environment.”Countries have also committed to harmonise fuel specifications with the objective of moving towards the consumption of cleaner fuels.”African national oil companies had expressed interest in helping to “energise” the continent by providing gas to low-income households, which would alleviate energy poverty.”Investment in and commercialisation of gas in Africa are being considered as a matter of urgency,” Hendricks said.Africa’s resources should be used to benefit the continent’s socio-economic growth, and companies needed to ensure that they involved local people and enterprises in their projects.Hendricks said governments needed to ensure there was more transparency in the regulation of the industry and the use of revenue generated.”The industry needs to be equally transparent on the pricing and marketing of oil and gas products.”One of the congress’s biggest achievements was that it had attracted a large contingent of young, enthusiastic professionals who would ensure the growth of the sector.WPC president Eivald Roren said he was overwhelmed by the success of the congress.Of particular importance was the involvement of youth and women, which was part of the WPC’s strategy to rejuvenate itself.”The petroleum industry, as many other industries, has been dominated by men.We all have to think in terms of the next generation,” he said.Roren said corruption affecting the oil industry was a “special form of cancer” which absorbed large amounts of money and put the brakes on investment.Globally corruption cost US$1 trillion annually, which was two percent of the world’s gross economic product.”It takes time to change it because it deals with the culture.”Unless that is changed we are wasting a lot of time and effort to get on with societal development,” Roren said.Companies needed to be more transparent and host governments had to take resolute action to address the problem.-Nampa-Sapa

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