UNCTAD´s 10th African Oil & Gas Trade and Finance Conference will open Sunday, 2 April, in Algiers, with an address by Secretary-General Supachai Panitchpakdi, and will run through 5 April, with national energy ministers and other high officials discussing how best to make use of rising international prices for the continent´s oil -- and of increasing investment in future African oil and gas production -- to expand their economies and reduce poverty.
Since its inception a decade ago, the conference has become Africa´s largest annual energy event. Major decision makers from industry, government and international organizations concerned with the oil and gas sector meet in a host African country to explore the connections between finance, energy production, and development, and to debate topical issues. Dr. Supachai, in opening the conference, and participants during the week, are expected to focus on the best uses to make of rapidly increasing revenues from the continent´s energy resources: Government revenues of African oil exports climbed by US$15 billion from 2003 to 2004, and the 2005 figure was still higher as international oil prices rose sharply.
Some of the issues to be discussed at the conference include the effects of volatile oil prices, partnerships for energy development, and environmental and social aspects of development. Another major topic will be the legal and regulatory reforms needed to attract necessary energy investment. Algeria, as host of this year´s meeting and as a leading exporter of natural gas, will give presentations on its future national plans in the hydrocarbon sector and will discuss local energy projects.
UNCTAD provides support work to African nations and other developing countries in the field of energy and development. It focuses on energy finance, oil field services, annual oil trade and finance conferences -- such as the African event -- and oil price risk management.
