The African Energy Chamber (AEC) recently hosted the Invest in African Energies roadshow in Lagos, attracting over 250 Nigerian entrepreneurs and investors keen on exploring opportunities across Africa’s energy sectors. This event served as a precursor to the upcoming African Energy Week: Invest in African Energy 2024 conference in Cape Town, scheduled for November.
Nigeria, known for hosting a significant number of indigenous service companies that cater to over 75% of its oil and gas sector needs, showcased its potential to drive regional energy resurgence and provide technical expertise to neighboring markets.
Verner Ayukegba, Senior Vice President of the AEC, highlighted Nigerian companies’ capability to leverage financial strength and expertise across the continent’s energy landscape. The event facilitated strategic engagements, enabling Nigerian firms to explore expansion opportunities beyond borders.
Namibia emerged as a key beneficiary of Nigerian oil and gas expertise, particularly following substantial offshore discoveries by industry giants Shell, TotalEnergies, and Galp in the Orange Basin. These discoveries, totaling more than 11 billion barrels of oil, present promising prospects for collaboration in rig maintenance and repair operations at Namibia’s Port of Walvis Bay.
Ivory Coast also seeks to capitalize on recent oil and gas discoveries, notably Eni’s Murene-1X well, which holds potential resources of up to 1.5 billion barrels of oil equivalent. Eni’s Baleine field, set to achieve 200,000 barrels per day by 2027 as Africa’s first net-zero emissions project, underscores the country’s growing prominence in sustainable energy development.
Multinational corporations like Eni, investing approximately $6 billion in Ivory Coast, exemplify the drive towards sustainable energy solutions across Africa. This investment trend extends to Senegal and Mozambique, both experiencing significant growth in LNG markets and demanding Nigerian oil and gas services.
In Nigeria, the BUA Group’s initiative to develop a 700-ton-per-day mini-LNG project reflects efforts to diversify its energy portfolio amid expanding industrial capabilities. Similarly, Shoreline Energy International is expanding its footprint across West Africa, focusing on EPC services and integrated power generation solutions.
Kola Karim, CEO of Shoreline Energy International, emphasized the AEC’s role in fostering collaboration and innovation within Africa’s energy sector ecosystem. The diverse participation in the roadshow underscores its significance in shaping the continent’s energy future.
Adelaar Energy, advocating for gender inclusivity, highlighted the importance of empowering women within Africa’s energy industry through mentorship and educational initiatives. Grace Orife, CEO of Adelaar Energy and AEC Board Member, emphasized the transformative impact of women in driving innovation and sustainability.
Photo source: Google
By: Montel Kamau
Serrari Financial Analyst
27th June, 2024
