4th Africa Oil Governance Summit to focus on Local Content in Africa
Local content policy across the African continent is to form the core of discussions at the 4TH Africa Oil Governance Summit (AOG) 2018, to be held in Accra, Ghana.
Slated for the13 to14th of November at the Labadi Beach Hotel Conference Hall in Accra, the Summit is under the theme: “Harnessing the Potential of Local Content for Economic Growth and Inclusive Development.”
According to the Africa Center for Energy Policy (ACEP), the organiser for the programme, the two-day summit is intended to “deepen governments’ and public understanding on the prospects of local content practices in achieving inclusive growth,” while decision-makers on the continent share experiences and challenges in local content policy implementation and establish “common approach to maximize benefits from local content in the extractives sector.”
Since its commencement in 2015, the Summit has brought together stakeholders in Africa’s petroleum industry to deliberate on emerging governance issues in the sector while offering an avenue for participants to exchange ideas and share best practices on how to make the most of benefits of resource extraction through efficient governance approaches.
The think-tank believes there is the need for the continent to “consolidate gains and right wrongs made from the management of petroleum resources and initiate dialogue aimed at translating the extraction of oil into socio-economic development.”
To achieve this, however, requires reinforcing governance frameworks that decrease incentives for corruption, build capacity and invest revenues efficiently.
The 2015 summit deliberated on governance issues in the oil sector including contract transparency, local content issues, institutional development and revenue accountability. Survival strategies for Africa’s oil producers amidst low oil prices formed the focus of the subsequent 2016 event while the 2017 summit saw participants look at the developmental implications of open contracting in upstream oil and gas, revenue management and utilization.
For this year’s event, the focus is on increasing the impacts of local content policies in African countries. A significant output of the two-day discussions will be a communiqué detailing demands for actions by respective governments and policy makers across the continent.
The communiqué will also be used as a reference document for programme development and advocacy to “influence government policy in maximizing returns on extractive resources particularly through local content provisions, and also serve as the benchmark for measuring progress and achievements.”
The 2018 Africa Oil Governance Summit will converge participants and experts from government, industry regulators, accountability institutions, national and international oil and gas as well as mining companies, civil society organizations, development partners and other stakeholders from Western, Eastern, Central, Northern and Southern Africa.