The ongoing challenges faced by other regions have led to a renewed focus on the continent as a stable alternative for energy resources and energy security. Energy stakeholders across the continent have noted a marked increase in interest from international players eager to tap into its energy sector. This is highlighted by the upcoming African Oil Week (AOW) event in Cape Town, who have reported a significant uptick in energy leaders confirming their attendance.
Paul Sinclair, CEO of Sankofa Events, which organises AOW says that “Since other regional conflicts caused gas supply disruptions to Europe, we have seen a surge in interest in Africa as a supply base. While we continue to hope for a peaceful resolution in all areas of conflict, we are also looking to explore how Africa can help ease global energy demand in this unsettling period.”
Sinclair also noted that while Africa presents a wealth of opportunities for energy investors, significant challenges remain regarding access to energy within the continent. AOW is intent on putting these issues at the top of the AOW agenda. “This is the perfect moment to integrate Africa’s energy resources into the mainstream economy while advocating for responsible oil and gas development. It’s crucial that these resources are monetized locally to bolster our own energy security” says Sinclair.
Recent discoveries of substantial oil and gas reserves in the Orange Basin, located offshore South Africa and Namibia, alongside expanding projects in Mozambique, Nigeria, Ghana, and other countries, highlight Africa’s vast hydrocarbon potential. Additionally, the continent boasts almost limitless renewable energy opportunities, further enhancing its attractiveness as an energy supplier.
Sinclair highlights the progress made in West Africa, particularly regarding gas utilisation, and expresses optimism about AOW’s role in driving the development and monetization of natural resources to foster domestic economic growth.
“We want Africa to also help meet global energy needs and to be the supply base of choice for international energy security, while offering a parallel pathway to economic development for Africa,” he says. “We believe now is the time to accelerate upstream development.”
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