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We sign deals worth $2.5bn to develop Africa’s energy – AEC

THE Executive Chairman, African Energy Chamber, AEC, NJ Ayuk, Wednesday, disclosed that AEC facilitated the signing of oil and gas deals worth $2.5 billion in 2022.

He said the deals involving many investors, governments and financiers were sealed at the African Energy Week, AEW, adding that many other deals would be sealed in 2023.

Speaking at the just-concluded AEW in London, Ayuk also unfolded plans to explore upstream and other opportunities in Nigeria and other African oil and gas-producing nations this year.

He said: “Following a successful 2022 edition where $2.5 billion worth of deals to enhance Africa’s energy landscape were signed, AEW 2023 will be bigger and better. We will have a massive Upstream Conference to discuss new exploration and discoveries in Namibia, Ivory Coast, Senegal, Equatorial Guinea, Congo, Uganda, South Africa, Nigeria, Mozambique and the Maghreb countries, while creating opportunities for other forms of energy like hydrogen, nuclear and new renewables, as the continent seeks to maximize its energy mix and developments to achieve a just transition.

“While the energy crisis across Europe is threatening jobs and economic developments – and energy poverty in Africa, especially in South Africa where blackouts have become the norm and the downfall of Africa’s manufacturing powerhouse, disrupting the continent’s socioeconomic developments – now more than ever is the time for UK investors and energy companies to maximize energy partnerships with Africa. The Chamber believes that now is the time to optimize and ensure the sustainable development and exploitation of Africa’s oil and gas resources. The Chamber is committed to continuing its partnership with African policymakers and UK investors and partners to create an enabling environment and facilitate Africa’s energy sector expansion.

“We at the AEC will oppose any proposals to silence the voice of those who believe in free markets, limited government, and our right to drill for natural gas while rapidly developing renewables.”

He also said: “Investing in African Energy and driving free enterprise is not something the AEC can do alone. We need every person who believes in the free enterprise values of individual initiative, hard work and freedom of choice to stand with us. We need you to spread the word in your communities and remind people that free enterprise and oil and gas — even with their flaws — have done more to improve our condition than any other economic and energy system.

“Africans want to partner with UK businesses and financial institutions. Why? They want to partner because the UK has demonstrated its commitment to democracy, the rule of law and strong government institutions. 2022 was a difficult year for many Africans, but I remain optimistic that better days lie ahead, if only we return to the free enterprise principles that have served us so well.

“The AEC will continue to campaign for increased investments and private sector participation and drive market liberalization of Africa’s energy sector by hosting many Invest in African Energy dialogues and deal signings with UK and African policymakers, private sector partners, energy stakeholders and investors

“Through high-level meetings, panel discussions, exclusive networking sessions and energy investment forums set to be held during the 2023 edition of the African Energy Week conference and exhibition – Africa’s premier event for the energy sector, which will be held from October 16 – 20 in Cape Town – the AEC will continue to be a leading voice in shaping and accelerating African energy developments.”

Source: Vanguard