Business News of Monday, 5 November 2018
Director for Society of Petroleum Engineers (Africa), Professor Emeritus Omowumi Iledare has bemoaned the low consumption of oil by African countries.
According to Prof. Emeritus Omowumi Iledare, African countries tend to consume oil produced by foreign countries while selling locally produced oil.
“Africans most of the time consume what they do not produce and sell what they produce. So the local content phenomenon will inform us of how tiny oil consumption in Africa is,” Prof. Iledare explained.
Prof. Iledare highlighted the relevance of local content within the oil and gas sector, calling on African countries to attribute more seriousness to it within the sector.
“I want to quickly let you know that there is plenty of petroleum worldwide, and if that will ring a bell to you to make sure that you think strategically the way you use your hydrocarbon, this will tell you the story. And that’s why local content becomes much more important now than previously,” he added.
Professor Emeritus Omowumi Iledare made these comments at a technical lecture on the local content impact on oil and gas economy in Ghana, with Nigeria as a case study.
The lecture took place at the Ghana Technology University College on Friday, November 2, 2018.
Delivering his remarks, Chief Editor and Founder of the Global Energy Insight Journal Dr. Riverson Oppong called for collaborative efforts by government and relevant stakeholders within the oil industry to ensure the sustenance of the country’s economic development impact.