With recent geopolitical events highlighting the vulnerabilities of global energy supply chains, Africa is attracting increasing attention as a reliable and promising source of oil and gas.
As the world seeks to diversify its energy portfolios and ensure security of supply, investors are recognising the immense potential of Africa’s underexplored hydrocarbon reserves. This comes as other regions face ongoing challenges, leading to a renewed focus on stable, promising alternatives.
Africa, long an overlooked energy region, has been attracting interest from global energy investors recently, thanks to its underdeveloped oil and gas resources, business-friendly governments and dynamic financial institutions. Now, the region seems increasingly attractive as a relatively stable and predictable geopolitical environment.
African energy stakeholders have observed a surge in interest from international players eager to engage with the continent’s dynamic energy sector. The forthcoming AOW: Investing in African Energy event in Cape Town reports a significant uptick in energy leaders confirming their attendance.
“Since other regional conflicts caused gas supply disruptions to Europe, we have seen a surge in interest in Africa as a supply base,” says Paul Sinclair, CEO of Sankofa Events, which owns AOW. “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.”
Recent discoveries of significant oil and gas deposits in the Orange Basin offshore South Africa and Namibia, alongside expanding projects in Mozambique, Nigeria, Ghana, and other nations, underscore the vast potential of Africa’s hydrocarbon resources. This is in addition to the continent’s almost limitless renewable energy opportunities.
“Africa offers so much for energy investors,” says Sinclair. “At the same time, there remain huge challenges with access to energy on the continent, something we want to put at the top of the AOW agenda to resolve. This is the ideal time to bring the continent’s energy resources into the mainstream economy and to look at not only driving advocacy around oil and gas development, but to ensure our resources are monetized locally for our own energy security.”
Sinclair says there has been huge progress in the West African corridor with gas utilisation and he looks forward to AOW helping to drive development and monetisation of natural resources for 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.”
• AOW: Investing in African Energy – owned by Sankofa Events – is Africa’s leading oil, gas & energy event. AOW brings together industry leaders to develop policy, share discoveries, secure investment, and shape Africa’s energy future. The event runs from 7 – 10 October 2024 at the CTICC 2, Cape Town.
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