Africa Energy Sector Endorses West African Energy Summit in Aberdeen, Scotland with a Focus on Global Investment
Hosted in partnership with the Ministry of Energy of Ghana, the Petroleum Commission of Ghana and the Ghana National Petroleum Corporation, WAES is a premier platform that unites technology providers, innovators, project operators and financiers. Taking place in the 'oil capital' of Scotland, the event is poised to unlock new opportunities for strengthened Africa-Scotland oil and gas relations, while incentivizing greater foreign investment and technology injection across African oil and gas projects.
There has never been a more strategic time to invest in Africa. The continent is ripe with opportunity, with investment prospects cropping across both mature and emerging hydrocarbon markets. Angola is preparing to launch a 2025 licensing round, is offering acreage onshore and in marginal fields while enticing spending through incremental production. Nigeria launched an international bid round in 2024, aimed at furthering development in prospective petroleum basins. Libya launched its 2025 licensing round this month and aims to increase output to two million barrels per day in the coming years. These established markets require significant levels of capital and technology to support production goals, presenting a unique opportunity for Scottish and European service providers and operators.
Meanwhile, in emerging markets, efforts to unlock new hydrocarbon plays have led to a range of opportunities for global companies. Namibia is on track to produce first oil by 2029 with projects in the Orange Basin. The country is seeking innovative drilling and appraisal services to fast-track this timeline. In Zimbabwe, exploration has shown trillion-cubic-feet worth of natural gas potential while in Senegal and Mauritania, the start of LNG production at the Greater Tortue Ahmeyim project has revealed significant potential for billion-barrel finds in neighboring basins.
While the continent pursues accelerated oil and gas developments, efforts to reduce emissions through decarbonization solutions have opened-up collaborative opportunities for African and global players. The continent is promoting a just energy transition, one which incorporates a diverse slate of energy solutions, from oil and gas to coal to geothermal, green hydrogen and renewable energy. Home to oilfields service technology, Aberdeen stands to play a central role in supporting Africa's oil, gas and decarbonization efforts. Aberdeen has long been recognized as a global center for oil and gas expertise, particularly in offshore technologies. Its robust service sector has been instrumental in supporting African energy projects, providing advanced technological solutions and fostering knowledge exchange. The city's extensive experience in managing complex energy projects positions it as an invaluable partner for African nations seeking to enhance their oil and gas operations.
As such, the WAES aims to spotlight cutting-edge technologies that can drive efficiency and sustainability in the energy sector. Key focus areas include upstream efficiency, cost reduction, field development, infrastructure projects and asset management. By showcasing advancements in artificial intelligence, data analytics and predictive maintenance, the summit provides a platform for African stakeholders to explore solutions that can facilitate a balanced energy transition.
'It is imperative that African leaders present a unified voice and strategy for African energy transitions. We must make Africa's unique needs and circumstances clear and explain the critical role that oil and gas will play in helping Africa achieve net-zero emissions in coming decades. Oil and gas will remain a major part of Africa's energy story for decades to come. Through global partnerships, modernized technology and greater investment, Africa stands to realize its multi-faceted goals of reducing emissions while enhancing energy security,' stated NJ Ayuk, Executive Chairman of the AEC.
Distributed by APO Group on behalf of African Energy Chamber.
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