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The African Energy Chamber (AEC), which serves as the voice of the African energy sector, is calling on African Energy Ministers to endorse the re-election of OPEC Secretary General Haitham Al Ghais.
The Chamber believes in Al Ghais’ continued leadership in driving the stability of the oil industry and in unifying African producers with global partners to meet African energy and economic growth needs.
As Africa navigates the complexities of the global energy transition, Al Ghais has consistently championed the sustainable development of oil resources to build a resilient energy mix, drive economic expansion and ensure energy independence and affordability.
In line with Al Ghais’ call to boost hydrocarbon reserves and production, several African OPEC member states have launched new licensing rounds in 2024. Notably, Libya is set to offer 22 onshore and offshore blocks, while Nigeria has unveiled 12 oil blocks for exploration as part of its 2024 licensing round, demonstrating the continent’s commitment to expanding its energy portfolio.
Africa is leveraging its estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of natural gas resources to drive sustainable development, energy security and economic growth. In this regard, reliable global partners and institutions such as OPEC are crucial in advancing this agenda. Under Al Ghais’ leadership, OPEC’s support has been instrumental in optimizing Africa’s oil and gas value chain.
From new discoveries across marginal and greenfield basins to new project launches in African OPEC member states such as Nigeria, Gabon, Equatorial Guinea, Libya and the Republic of Congo, Africa’s energy sector remains resilient through cooperation with OPEC.
Also, Ghana achieved a 10.7 per cent year-on-year increase in crude oil production in the first half of 2024, marking its first production rise in five years. Libya also ramped up its crude output to 1.37 million barrels per day in November 2024, while multiple exploration activities were launched in collaboration with global energy firms.
Furthermore, with global energy demand projected to increase by 24 per cent and oil demand reaching 120.1 million barrels per day by 2050, OPEC-led growth in African oil markets will play a crucial role in meeting this demand.
This growth will also bolster energy access in Africa, where 600 million people lack electricity and 900 million lack access to clean cooking solutions.
It becomes imperative to leverage the leadership of innovative and committed industry cadres such as Al Ghais, who believe in the sustainable use of Africa’s entire energy resources for a just energy transition.
“Secretary General Al Ghais has ushered the global oil industry into an era of stability and sustained growth,” states NJ Ayuk, the Executive Chairman of the AEC, adding “With energy demand expanding due to rising economic activity and population growth, particularly in Africa, Al Ghais’s vision and decisive leadership are more essential than ever.”