Luanda – The president of the African Petroleum Producers Organization (APPO), Diamantino Azevedo, said that local content is a major challenge of the extractive industry of this body, which plans to review its policies and progress of implementation by member countries.
Local Content is the proportion of investments made in goods and/or services directed to the exploration and development phases of production in the oil and gas sector, in concession, onerous assignment or production sharing contracts.
According to Diamantino Azevedo, who was speaking at the opening ceremony of the VIII African Petroleum Congress and Exhibition and the APPO Council of Ministers, recognizes that the level of development of this process in oil and gas producing countries varies significantly.
“Even the most advanced countries, in terms of this matter, cannot claim to have already reached the desired levels of satisfaction,” considered Diamantino Azevedo, who was speaking in the presence of the President of the Republic, João Lourenço, entities from the diplomatic corps in Angola, APPO ministers of the oil and gas sector and oil operators.
In order to achieve satisfaction, he said that the APPO has set up a “Local Content Roundtable for Africa,” which aims to review policies and progress in the implementation of Local Content in member countries, especially in light of the world energy transition.
Source: Angola Press News Agency