A three-day seminar on the management of proceeds from extractive industries in Africa, especially oil a and gas, organized by the African Development Bank Group in conjunction with other development partners opened in Libreville, Gabon, on Monday 28 April 2008.
Participants include African government representatives and ranking officials from the financial and petroleum sectors as well as representatives of the private sector and civil society of African countries.
The objective of the seminar is to provide a forum for the countries to share experiences, facilitating cross-country learning and cooperation and to reinforce the capacities of the participating nations in the management and production of their natural resources.
During the three days, participants will engage in in-depth discussions on the most efficient ways of managing revenue from extractive industry sectors to achieve sustainable and equitable economic development.
The seminar consists of six plenary sessions, with each session exploring a specific aspect of the management of natural resources. The sessions will provide expert advice on issues such as the disposal of oil blocks, negotiation of exploration and production contracts and mechanisms for effective rent collection. The agenda also includes discussions on country-specific experiences in the management of oil and gas wealth, allowing the participants to compare and contrast different trajectories and challenges in the sector. It will be an opportunity to review practices on the auditing of state oil revenues, companies’ financial statements in line with the Extractive Industries Transparency Initiative (EITI), as well as corporate governance in extractive industries and natural resource funds.
Experts, delegates from Algeria, Angola, Burundi, Cameroon, CAR, Chad, Congo, DRC, Equatorial Guinea, Mauritania, Nigeria and Sao Tome & Principe, are participating in the event.
The seminar is cosponsored by the World Bank, African Technical Assistance Centre (AFRITAC/IMF), UNDP, Norwegian Agency for Development Cooperation (NORAD), the French Petroleum Institute (IFP), the French Agency for Technical Cooperation and Development Aid (ACTED) and the EITI secretariat.