The member countries of the African Petroleum Producers Association (APPA) approved the creation of a platform for action to reduce the volume of oil production, and thus lead to higher prices of this hydrocarbon, which have been drastically reduced by fracking techniques.
Members States of the African Petroleum Producers Association (APPA) met for two days in Abidjan (Ivory Coast) to analyze, among other things, the problems concerning the decrease in oil prices, which is significantly affecting the national budgets of all these countries.
On Friday, April 3, on the final day of this meeting, the representatives of the eighteen States present signed and endorsed a final statement, which was read by Ousmane Doukoure, Director of Exploration and Production in the Ministry of Oil of Ivory Coast.
In this statement, the APPA supports the creation of a platform for joint action to reduce oil production and stabilize the market. An initiative led by Angola and Algeria, which has been supported by all countries of the association and also by Equatorial Guinea. Through this platform, African producing States seek the support of the producing countries of the Organization of Petroleum Exporting Countries (OPEC) and others, in order to reduce production volume and thus drive the rise and stabilization of prices.
The Minister of Mines, Industry and Energy of Equatorial Guinea, Gabriel Mbega Obiang Lima, who participated in the meeting in Abidjan, expressed to the press his support of the initiative, as well as the common concern of all producing countries in the region due to falling prices.
-“We are reviewing our budget due to lower oil prices and, therefore, we have supported these initiatives that allow us to study how to jointly stabilize prices in the future,”he told the press. Mbega Obiang Lima also. He recalled the importance of diversifying the economies of individual States in order to not depend on oil, as the Government of Equatorial Guinea is currently doing.
The decrease in prices, which affects the economies of the countries of the APPA, is due to the recent oil field explorations using the technique known as hydraulic fracturing or fracking. Despite the warnings of potential ecological risks it could cause, the fact is that oil production has become commoditized through the application of this form of exploitation in countries such as the United States.
The APPA was created in 1987 in Lagos (Nigeria) and is composed of eighteen countries, including Equatorial Guinea.
Equatorial Guinea’s Press and Information Office