The African Energy Chamber (AEC) has concluded plans to host the ‘Invest in African Energy’ conference, to further enhance energy cooperation between African energy policymakers and stakeholders with companies and investors in the Middle East.
The event scheduled to hold on March 30, 2023, in Dubai, United Arab Emirates (UAE), would unite African and Middle Eastern energy stakeholders and policymakers by discussing investment opportunities and the future of African energy.
The AEC, as the voice of the African energy sector, in partnership with global energy market research and intelligence company S&P will host the Dubai edition to showcase investment and partnership opportunities across Africa’s burgeoning energy sector.
The Chamber in an updated programme said: “Following successful Invest in African Energy receptions held across Europe in London (UK), Oslo (Norway) and Frankfurt (Germany) in 2023, the Dubai edition aims to enhance energy cooperation between African energy policymakers and stakeholders with the UAE and companies and investors in the Middle East.”
The organisers also noted through high-level panel discussions and meetings, exclusive networking and deal signings, the Invest in African Energy Dubai event will evolve a fresh era of energy sector growth for Africa via optimal cooperation on investment and industry know-how between the UAE and African stakeholders.
According to AEC, with Africa maximising the development and exploitation of its estimated 125.3 billion barrels (bp)of crude oil and 620 trillion cubic feet of gas reserves to address energy poverty and drive socioeconomic development, UAE, as one of the world’s largest hydrocarbon producers and investors, represents an ideal partner for the continent to maximise industry growth.
These include the Abu Dhabi National Oil Company (ADNOC), Petrofac and the Emirates National Oil Company Group (ENOC), have played a crucial role in stabilising Africa’s entire oil and gas value chain.
ADNOC, for example, is enhancing Africa’s downstream operations with the recent launch of supertankers to boost Angola and the Democratic Republic of Congo’s fuel storage capacities, it stated.
The firm has also recently acquired a 50 percent stake in TotalEnergies’ retail business in Egypt while ENOC is constructing petroleum receiving and storage infrastructures for Tanzania to position the country as a petroleum hub for the East and Central Africa region. “Petrofac is also conducting extensive works for Tullow Oil within Mauritania’s Banda and Tiof Fields while a wide range of UAE investments have driven African upstream activities.”
It further explained that Africa has vast opportunities for Middle Eastern firms that are seeking expansion across the continent’s booming oil and gas industry.
The AEC also noted: “The Invest in African Energy Dubai Reception will showcase these opportunities, maximise existing partnerships while paving the way for new collaborations to enhance Africa’s oil and gas exploration, production, exploitation and monetisation capabilities.”
Meanwhile, the AEC has disclosed the lack of adequate funding and infrastructure is the biggest constraint Africa’s hydrocarbons industry is currently facing.
The Chamber stated: “Middle Eastern investments in African oil and gas projects are significant in helping the continent address its growing energy needs.
“On the renewables front, Middle Eastern private and public sector institutions are also in the forefront of driving investments and project implementation across Africa.”
It said companies, such as AMEA Power, Masdar, the Abu Dhabi Fund for Development and the International Renewable Energy Agency, continue to play a leading role in accelerating the penetration of solar energy, wind energy and green hydrogen across Africa.
The Invest in African Energy Dubai event represents the best platform where Africa’s renewables potential is highlighted, discussed and investment and partnership deals negotiated and signed, said the organisers.
The AEC as well said: “With Africa seeking to maximise its entire energy base to achieve a just and inclusive energy transition, Dubai is the best place for African countries to learn best practices to do so.
“The African Energy Chamber is honored to expand the Invest in African Energy 2023 event to Dubai.”
The event organisers affirmed that “we believe Africa has a lot to learn from Dubai regarding how best the continent can make use of its oil and gas resources to make energy poverty history and achieve economic growth aspirations.
NJ Ayuk, the Executive Chairman of AEC, stated: “The UAE and Middle East has become a global powerhouse on the back of optimal oil and gas exploitation while diversifying the energy mix with renewables.
“We are confident that Middle Eastern investments and technical expertise in oil and gas exploration, production, assets development and maintenance, as well as in monetisation can bring the African industry and economies to greater levels.”