The Africa Oil Week (AOW) Conference, held from October 7 to 10, 2024, in Cape Town, South Africa showcased a commitment to sustainable development within the upstream oil and gas sector, highlighting the importance of expanding Africa’s gas value chain.
The African Energy Bank announced it has secured 45 percent of its $5 billion startup capital, thanks to contributions from its 18 member states, including Nigeria, Angola and Egypt. This achievement underscores a growing commitment to financing energy initiatives across the continent.
During the conference, Liberia, Tanzania, and Zanzibar unveiled new licensing rounds, with Liberia offering 29 blocks and Tanzania 24 blocks, opening up significant opportunities for exploration and investment.
Nigeria aims to attract between $5 billion and $10 billion of the anticipated $90 billion global investment in deep offshore projects over the coming years. Engr. Gbenga Komolafe, chief executive officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), noted that Nigeria’s latest licensing round features 24 blocks, 17 of which are offshore with bids already in progress.
At the conference, Roger Brown, the CEO of Seplat Energy Plc, emphasized the vital role of Africa’s abundant gas reserves in addressing the continent’s pressing energy challenges.
Speaking at the AOW Gas Forum themed “Enhancing Africa’s Gas Capacity”, he stated that leveraging these reserves could provide immediate solutions for widespread electrification and economic development.
“Gas will play a critical role in moving away from reliance on coal and oil for electricity,” Brown said.
He noted that gas can support renewable energy growth by providing reliable baseload power necessary for enhancing energy access across Africa. “Africa’s development will require significant improvements in access to energy. Lower-cost, more reliable energy will drive job creation, prosperity and development. Gas can support achievement of many United Nations Sustainable Development Goals (SDGs) through its role in reducing costs, increasing energy access and increasing prosperity.”
“Gas is actually decarbonising Africa’s energy system when compared to the millions of domestic and business generators in use today. It produces half the CO2 emissions of diesel and burns more cleanly without particulates,” he said
Brown urged investors to recognise gas as a key energy source for the continent stating that increased energy access will drive job creation and prosperity. He concluded by reaffirming Seplat Energy’s commitment to investing in gas to power solutions, further positioning gas as a catalyst for Africa’s sustainable development.
The outcomes of AOW 2024 are expected to play a crucial role in shaping Africa’s energy landscape, driving investment and sustainable practices throughout the continent. The next oil week will be hosted by Ghana in September 2025.