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Africa risks losing 500bn barrels of crude over int’l pressures – Dr. Amin Adam

  • SOURCE: reporting oil and gas | qwesa2big
    • POSTED ON: May 30, 2023

    Dr. Mohammed Amin Adam, The Minister of State at the Finance
    Ministry has indicated that over 500 billion barrels of crude oil will be left
    untapped in Africa following growing concerns from international communities to
    ensure a sustainable climate.

     Dr. Mohammed Amin Adam
    believes this development will mitigate the growth of the African continent.

    Dr. Adam called for the use of environmentally friendly
    technology to explore Africa’s oil reserves. He said that emerging technology
    can be used to extract oil without causing damage to the environment.

    “As far as climate financing is concerned, I just want to
    remind all of us that about 50 percent of revenue of many African countries
    comes from oil exports. So, if we succumb quickly to what the heavily polluting
    countries are asking us to do, that means we will be losing substantial source
    of revenue to finance our development,” he said

    Speaking at the media launch of the 30th AGM of the Afrexim Bank, scheduled to be hosted in Ghana from 19th – 22nd June 2023, Dr. Mohammed Amin Adams stated that, ‘It is also important to note that an estimated 500 billion barrels of crude oil will be left untapped in Africa if we succumb to those calls

    “And we can explore these resources in an environmentally
    friendly manner, emerging technology should allow us explore these resources to
    enhance our development without causing damage to the environment,” he added.

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