The African Energy Chamber (AEC) is proud to announce the return of the National Oil Company (NOC) Summit at Africa’s premier event for the oil and gas sector, the African Energy Week (AEW) (https://AECWeek.com/), which will take place from October 18 to 21, 2022, in Cape Town. Following a successful edition of the NOC Summit at AEW 2021, this year’s edition, under the theme “Exploring and Investing in Africa’s Energy Future While Driving an Enabling Environment”, will continue the discussion on the role NOCs play to boost investment in, as well as exploration and production of, Africa’s hydrocarbon sector.
With oil production declining due to continued production declines from legacy projects in major African producing countries such as Nigeria, Libya, Algeria, Angola and Egypt, NOCs have an important role to play in leading and accelerating exploration activities to boost production.
In Nigeria, for example, Africa’s largest crude oil producer, where production is projected to decline from 2023 and no major liquids projects are expected to be approved or commissioned in 2022, the National Oil Corporation Nigerian Petroleum (NNPC) has an important task.
play on increased exploration and gradual increase in production.
With the implementation of the Petroleum Industry Act in 2021, the Nigerian government completely overhauled the NNPC, restructured the company and consequently redefined the role of the organization in the petroleum sector.
Since then, the NNPC has been operating on a commercial basis, driving exploration and production in a more market-oriented manner.
Furthermore, as the exit of large international companies such as TotalEnergies, Shell, Eni and ExxonMobil are expected to affect production in Africa, NOCs must ensure that production remains optimal despite divestment.
The NOC Summit aims to address these challenges, featuring discussions and presentations on how NOCs can increase oil and gas production across the continent.
In addition, investments within Africa’s upstream segment continue to fall due to global climate politics and as such, a compelling need has emerged for African NOCs to reform business operations to attract investment.
Therefore, the NOC Summit at AEW 2022 will bring together African energy stakeholders, government representatives and private sector institutions to discuss best practices that will increase the flow of investments to boost energy production.
“African NOCs have an important role to play in driving investment and development across the energy value chain in Africa, and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities facing the industry today.
Building on the success seen at last year’s summit, the AEW 2022 NOC summit will build an Africa-focused narrative on oil, gas and exploration,” said Tomas C.
Gerbasio, director of strategy and business development at the African Energy Chamber.
In addition, Africa’s NOCs have a critical role to play in driving the growth of the continent’s gas economy, increasing collaboration with major financial institutions and stimulating development across the value chain.
Algeria’s Sonatrach and Egypt’s EGAS have been at the forefront in this regard, recently signing agreements with Italy‘s Eni for further cooperation to intensify local gas production to meet domestic demand, as well as to increase exports to Europe.
Despite having 125.3 billion barrels of crude oil reserves, one of the largest in the world, Africa exports most of its resources while importing refined products due to lack of investment and refining capacity.
As a result, more than 600 million people in Africa live in energy poverty and the continent continues to struggle with high energy prices and shortages.
Angola, for example, Africa’s third-largest oil producer with 8.2 billion barrels of proven oil reserves, relies heavily on energy imports and spends more than $1.7 billion on imports to meet domestic demand.
Accordingly, the NOC Summit will address the role African NOCs play in this sector, emphasizing how state organizations in Africa can increase investments from both the public and private sectors to accelerate downstream development.