African Energy Week (AEW) 2024 to Fuel Project Development with Dedicated Upstream E&P Forum

Representing the biggest gathering of energy stakeholders on the continent, Africa’s premier energy event – the African Energy Week (AEW): Invest in African Energy conference – will host a dedicated Upstream E&P forum to showcase licenses and active assets to global investors and industry leaders. The forum serves as the principal platform to connect investors and project developers with available acreage.

The forum will feature private sector executives, ministers and senior and government officials as they drill down on key issues and offer progressive solutions for maximizing the value of Africa’s energy resources. Representing the ideal platform for leading players throughout the continent and abroad to build on a shared commitment towards bringing Africa out of energy poverty, the forum aims to bolster energy access through resource exploitation and monetization. Don’t miss the chance to connect with Africa’s E&P market. Contact register@aecweek.com or sales@aecweek.com for more information about the forum.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

In 2024, Africa’s E&P landscape is witnessing unprecedented growth owing to regional demand, with recent large-scale discoveries and calls by African stakeholders to advance hydrocarbon monetization. While major oil producing countries such as Algeria, Angola and Libya look towards expanding production on the back of new exploration campaigns, nascent markets such as Namibia and the Republic of Congo have put forward ambitious upstream agendas which aim to position the countries as both producers and exporters.

Africa is making strides to expand its oil and gas reserves, with multiple countries introducing new licensing rounds and accelerating ongoing ones. Sub-Saharan Africa is expected to spearhead this growth, with more than 11 licensing rounds planned for 2024 and 2025. Namibia is awarding new E&P licenses in two 2-month periods in 2024 as part of a new open-door system entitled the New System, which was launched in January to address a backlog of permit applications. The country received applications for its onshore blocks from April to May and is poised to receive applications for offshore E&P licenses from September to October.

Meanwhile, Angola’s national concessionaire – the National Oil, Gas&Biofuels Agency (ANPG) – is set to launch its 2025 Limited Public Tender, offering up to 10 offshore blocks in the Kwanza and Benguela basins in 2025. In March 2024, the ANPG announced winners for a 12-block oil and gas tender covering the Lower Congo and Kwanza onshore basins. The government’s updated Hydrocarbon Exploration Strategy 2020-2025 showcases the immense potential within the country’s geologically-appraised concessions and sedimentary basins, with underexplored prospects such as the Kwanza Basin and Namibe Basin serving as some of the world’s leading frontiers for hydrocarbon exploration.

Additionally, Nigeria launched its 2024 licensing round in April, offering 19 blocks – including seven deep offshore assets and 12 new assets. The licensing round will conclude in January 2025, highlighting a strategic opportunity for E&P players. Uganda is also expected to launch its third licensing round in mid-2024, offering blocks in the Open Albertine Graben basin, while Somalia is set to offer some 26 offshore blocks in its 2024 bid round – expected to close in 2026. Kenya and Tanzania are preparing to launch their own respective licensing rounds this year, underscoring frontier opportunities in East Africa.

Across the continent, E&P players are already making strides towards developing untapped resources. In April, energy giant TotalEnergies signed an MoU with Algerian state-owned energy company Sonatrach for the appraisal and development of gas resources in the North-East Timimoun region. Meanwhile, the same month saw the discovery of a well in Libya by the country’s state-owned National Oil Corporation with the potential to produce 16.8 million cubic feet of gas per day. In addition to gas, the discovery also shows the potential for the well to produce 646 barrels of oil per day with a specific density of 49 API.

On top of these recent advancements, large scale discoveries in the Orange Basin and the MSGBC Basin have positioned Africa as one of the world’s top oil and gas markets. In Namibia – compounded by favorable fiscal incentives and a large-scale investment landscape – discoveries include the Graff-1, Venus-1, Jonker-1X, La Rona-1, Lesedi-1X, Mopane-1X and most recently, the Mangetti-1X concessions, which have attracted oil and gas supermajors including TotalEnergies, Shell, Chevron and ExxonMobil, as well as independents players such as Azule Energy, Galp and ReconAfrica.

Meanwhile, the Sangomar Field Development – Senegal’s inaugural offshore oil project – anticipates first oil in mid-2024 and is set to process 100,000 barrels per day once operational. Straddling the maritime border between Mauritania and Senegal, the development of the Greater Tortue Ahmeyim LNG project is nearing completion.

“What Africa needs to make energy poverty history by 2030 is for more wells to be drilled. The Upstream E&P Forum will be crucial for moving projects forward and prioritizing the funding of large-scale oil and gas projects to fuel economic growth and accelerate industrialization,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Register now at registration@aecweek.com to take part in this strategic forum.

Distributed by APO Group on behalf of African Energy Chamber.

The post African Energy Week (AEW) 2024 to Fuel Project Development with Dedicated Upstream E&P Forum appeared first on Capital Newspaper.

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