The African Energy Chamber (AEC) (https://EnergyChamber.org/), the voice of the African energy sector, is proud to announce the launch of its latest publication, 'The State of African Energy: Outlook 2023 ' (https:// ://bit.ly/3NbQLtD) a detailed report that analyzes the current, emerging and future trends of the oil and gas market, as well as the geopolitical procedures that shape the oil and gas sector world and african With the global oil market suffering from the combined impacts of the COVID-19 pandemic and the Russian-Ukrainian war, the report provides a detailed analysis of what production and monetization will look like in 2023 for both African producing countries such as Libya, Angola and Nigeria.
and global energy companies.
As global oil market volatility continues, the AEC report investigates what this means for African producers and the global market.
With the ACS projecting Nigeria to increase oil production from 1.65 million barrels per day (bpd) in 2022 to around 1.75 million bpd in 2023 and Libya from 1.12 million bpd in 2020 to 1, 3 million bpd in 2023, while Angola will see a decline of 1.13 million bpd in 2023.
million bpd in 2022 to approximately 1.1 million bpd in 2023, the report highlights the role of African energy in ensuring global energy security while exploring the challenges and opportunities facing the entire continent.
Meanwhile, on the gas front, as Western operators exit the Russian market due to the invasion of Ukraine, a significant decline in global production and an increase in prices are expected.
As such, the report looks at the impact on global trade and supply, as well as exploration, production and infrastructure development across the African market.
With gas demand in Europe anticipated to rise rapidly over the next three years, and Europe seeking to replace most of the piped gas the bloc gets from Russia by harnessing liquefied natural gas (LNG) from other regions, Africa, such as the second country of the bloc.
gas supplier in 2021 and thanks to the huge untapped gas resources across the continent, it is well positioned to become Europe's leading supplier.
According to the AEC report, as COVID-19 subsides, the conflict between Russia and Ukraine has caused and will continue to cause a rise in Brent, with Africa in a prime position to increase its natural gas production and benefit from a market and a demand for insufficiently supplied LNG.
Due to the proximity of the main African producers to Europe and the good commercial relations existing between the two continents, despite the fact that the total production in the entire continent decreased between 2022 and 2025, Africa is expected to play a key role in satisfying the world demand.
Meanwhile, Nigeria, Algeria and Egypt lead African gas production and LNG flows in the near term, and the report provides a detailed perspective on LNG production, monetization and developments in Africa's emerging and established markets.
, such as Equatorial Guinea, Senegal/Mauritania and Mozambique.
With Africa seeking to attract investment to optimize the development, exploitation and monetization of hydrocarbon resources, including crude oil resources estimated at 125.3 billion barrels and gas reserves of 620 trillion cubic feet for security energy and economic expansion, and with spending set to be shifted out of Russia and directed to other regions, the report details investment trends in Africa and how trends in Russia and around the world may shape the allocation of capital for the launch of projects and energy trading throughout the continent.
Additionally, with Africa looking to accelerate investments and exploration activities to increase its oil and gas reserves for a sustainable energy future, the AEC report provides insights into drilling campaigns across the continent and how recent major discoveries such as TotalEnergies and Shell in Namibia, will promote upstream activities in countries such as Mauritania, Senegal, Uganda, Congo, Mozambique, Ghana, Angola and Ivory Coast.
The study states that drilling activity in Africa will increase marginally from about 895 wells in 2022 to 915 wells in 2023 and further to just over 1,000 wells in 2025.
As well as providing country-specific impacts of new oil and gas economies In Africa, with the continent becoming more focused on how to lift its 600 million people out of energy poverty, the AEC perspective provides a detailed analysis of energy access rates while exploring various electrification initiatives, including developments.
renewable energy and gas-to-power, underway to boost Africa's access to electricity.
“The Chamber is proud to publish its most recent report, 'The State of African Energy: Outlook 2023'.
With current trends, such as the Russo-Ukrainian war and global energy transition policies, exposing Africa's fragile energy systems and deepening the continent's prevailing energy poverty, we believe that Africa must stand on its own two feet to maximize needed investments.
to drive oil, gas, and renewable energy developments to modernize its power grid for safety and reliability.
We believe the report provides regional and global investors with the insights they need to harness Africa's vast energy potential,” said NJ Ayuk, CEO of AEC.
Download The State of Power in Africa: Outlook 2023 (https://bit.ly/3NbQLtD)
The African Energy Chamber (AEC) is proud to announce that it has signed a Memorandum of Understanding (MoU) with the World Petroleum Council (WPC), Canada, the Canadian WPC Association, in which both parties will cooperate to maximize sustainability .
development, exploitation and monetization of oil and gas resources to ensure energy security and economic growth in Africa and Canada.
The MoU, signed by Denis Painchaud, President and CEO of WPC Canada, and NJ Ayuk, Executive Chairman of AEC, on behalf of the two non-governmental organizations during the 2022 edition of the African Energy Week (AEW) conference and exhibition , Africa's largest gathering for energy policymakers, business and investors, held from October 18-21 in Cape Town, allows the two sides to collaborate on information dissemination as well as development and implementation of best practices for energy stakeholders to optimize hydrocarbon market developments.
Under the terms of the MoU, AEC and WPC Canada will support and promote each other's conferences, exhibitions and forums, including AEW 2023 and World Petroleum Congress 2023, among their members and through various platforms, such as websites, networking channels social and other discussions.
The two will identify potential delegates, exhibitors and partners for their various forums and conferences with the aim of uniting industry stakeholders for the development of innovative solutions, policies and business cases to address critical market challenges, including the lack of adequate investments, the global energy transition.
related policies, the growing gap in infrastructure deployment, and continued declines in exploration and production activities that continue to disrupt the expansion of the industry.
Additionally, the MoU will see both the ACS and WPC Canada collaborate on papers and webinars to promote their respective conferences, as well as any other areas of collaboration the parties agree upon.
Both Canada and Africa seek to maximize the development and exploitation of Africa's vast untapped hydrocarbon reserves, including Africa's estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas, to drive socio-economic development, gross domestic product and global energy security.
and industrialization, partnerships such as the MoU between AEC and WPC Canada will be crucial in helping the industry seize and maximize market opportunities.
As Canada's leading network of energy players with more than 60 representatives from the private, public and academic sectors in the North American country's oil and gas market, WPC Canada, through its partnership with AEC, will usher in a new era of investment in energy, technology, business, ethical and government solutions and standards that will drive Africa's oil and gas development to the next level.
“The Chamber is pleased to be part of this partnership with WPC Canada.
We believe that our collaboration will unlock a new era of engagement and investment by Canadian oil and gas companies to drive activities across Africa's oil and gas value chain.
As Canadian companies such as Africa Energy Corp, Africa Oil Corp and ReconAfrica accelerate their presence in the African energy sector, driving long-term sustainable developments in key basins, we are confident that this new partnership will help bring about more positive change as we target .
make energy poverty history by 2030,” says Ayuk. WPC Canada's vast experience in modern low-carbon technologies, including carbon capture, storage and utilization, as well as deepwater project safety, energy security, enhanced oil and gas recovery, youth and gender inclusion and biofuels will be essential to improving Africa's landscape.
oil and gas sector.
The African Energy Chamber (AEC), as the voice of the African energy sector, and the African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to enhance private sector investments in the oil and gas industry.
gas from Africa during the first day of the African Energy Week (AEW) conference and exhibition (https://AECWeek.com/), which will take place from October 18 to 21 in Cape Town. Signed by NJ Ayuk, Executive Chairman of the AEC, and Professor Benedict Oramah, Chairman of Afreximbank, the memorandum of understanding will pave the way for greater involvement of private sector investors and local service companies to drive capital across the banking industry.
hydrocarbons from Africa, with the AEC.
leading various mechanisms aimed at simplifying the entry and expansion of financial institutions.
Commenting during the signing ceremony, Ayuk said; “I think the deal is not for the House but for the people in the private sector who continue to drive growth in the energy sector.
I would like to thank Afreximbank for giving us the opportunity to attract more private sector players into the African energy industry.
With this memorandum of understanding, we can get the guys to work in mini networks and local service and financing companies and get them to drive the growth of the industry.” Mr. Oramah added that “We are very pleased to enter into a MoU with the ACS.
For a long time we have searched for a connecting voice that is brave, that is not afraid to say what we want to say to others, that has intellectual depth and investigative capacity.
We believe that by working with AEC, we can begin to make great transformations to bring energy to our people and reduce the number of people who do not have access to clean energy and cooking, except poverty.
As we launch the African Energy Bank, we hope that the ACS will become part of the instrument we will use to change the course of history regarding the way energy is accessed on the continent.” With policies related to the global energy transition currently disrupting the flow of investments in the continent's hydrocarbon industry, the MoU between AEC and Afreximbank is expected to play a key role in changing this.
AEC's commitment to making energy poverty history by 2030 and its vast experience in uniting African governments, energy companies and investors with global stakeholders will be crucial in accelerating its engagement and collaboration with Afreximbank in the development and energy financing.
The African Energy Chamber (AEC) is proud to announce that Viktor Zubkov, Russia's Special Presidential Representative for Cooperation with the Gas Exporting Countries Forum (GECF) and Chairman of the Board of the state-owned energy company, Gazprom, will give an opening speech.
speech at the African Energy Week (AEW) conference and exhibition (https://AECWeek.com/), Africa's premier event for the oil and gas sector, taking place October 18-21 in Cape Town .
Representing one of the world's largest and most established oil and gas markets, Zubkov's participation at AEW 2022, Africa's largest gathering for energy policymakers, companies and investors, will be crucial in shaping discussions.
on the key role of the continent's massive but largely untapped hydrocarbons.
resources help make energy poverty history and at the same time trigger new socio-economic growth.
As chairman of Gazprom's board of directors since 2008 and presidential special representative to the GECF, Zubkov has played a critical role in expanding Russia's oil industry and ensuring global energy security by leading both Gazprom and Russia.
in a series of exploration, production, energy monetization initiatives and infrastructure development in partnership with large global companies and international investors and governments.
As a result, Russia today has the largest oil and gas reserves in the world and represents the largest exporter of natural gas worldwide.
With Africa seeking to maximize the production and exploitation of its estimated reserves of 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas to make energy poverty history by 2030 while driving socio-economic growth and energy security , cooperation with global parties on knowledge sharing, project financing and infrastructure development have been and will continue to be critical.
In this regard, as the voice of the African energy sector, the ACS is committed to facilitating better cooperation between African hydrocarbon-producing countries and their global counterparts, with AEW 2022 providing the best platform for discussions and agreements to be signed between Russia and African countries.
With factors such as policies related to the energy transition disrupting the growth of Africa's oil and gas industry, Zubkov will share best practices for Africa to overcome these challenges and seize industry-related energy security and economic growth opportunities.
As chairman of the board of one of the world's largest energy companies, Zubkov is well positioned to address independent African national oil and gas companies about the role national energy companies play in driving business.
upstream, midstream and downstream.
Having served as Russia's First Deputy Finance Minister in 2001 and Russia's 36th Prime Minister (https://bit.ly/3MyW1ax), Zubkov represents the ideal stakeholder to shape AEW 2022's critical dialogue on energy, finance and bilateral partnerships.
As mature producers in Africa ramp up exploration and production, and emerging producers initiate large-scale developments across the continent, companies like Gazprom and countries like Russia represent key partners for Africa in 2022 and beyond.
“The Chamber is honored to host Viktor Zubkov, a global industry leader, at AEW 2022 to shape serious discussions on the role Africa's hydrocarbon resources play in stabilizing the continent's diverse economies in 2022.
With factors such as inadequate funding and infrastructure slowing the growth of the continent's hydrocarbon sector, Zubkov will explore the role that organizations such as Gazprom and GECF, as well as platforms such as AEW, have played and will continue to play in maximizing the development, exploitation and the monetization of energy resources to meet national, regional and global energy needs,” says NJ Ayuk, CEO of AEC.
As Africa seeks to accelerate the diversification of its energy mix through optimal development of its entire energy base, including uranium, to ensure energy security, cooperation between African policymakers, energy companies and investors is essential.
in the exchange of knowledge, as well as in the development of policies and projects.
The African Energy Chamber (AEC), as the voice of the African energy sector, is committed to partnering with African and international energy stakeholders to raise awareness of best practices for Africa to accelerate nuclear development and address its looming energy crisis.
In this regard, the ACS is proud to announce that HE Dr. Lassina Zerbo, former Prime Minister of Burkina Faso and current Chairman of the Rwanda Atomic Energy Board, as well as of the Executive Advisory Board for Africa of Nano Nuclear Energy Inc, will attend and participate in the 2022 edition of the African Energy Week (AEW) conference and exhibition, Africa's premier event for the energy sector taking place from October 18-21 in Cape Town, to discuss the role of the nuclear power in improving access to energy.
more than 600 million people currently living in energy poverty across the continent.
As a nuclear scientist, diplomat and geophysicist who focuses on Africa's response to global challenges, HE Dr. Zerbo's participation in AEW 2022, Africa's largest gathering for energy policymakers, companies and investors, will be crucial to shape a serious dialogue on the role of the continent.
The vast uranium deposits play to ensure that Africa becomes energy self-sufficient, has an energy-rich future, and becomes a global social, economic and energy powerhouse.
Throughout his career, including his tenure as the third Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organization, H.E. Mr. Dr. Zerbo has worked tirelessly to ensure global energy security.
As Prime Minister of Burkina Faso, HE Dr. Zerbo fought to make electricity affordable and more secure through an ambitious program that aims to implement an Advanced Nuclear Reactor project for the country.
Now, with a growing number of African countries, including South Africa, Egypt, Kenya, Uganda and Ghana, seeking to expand and develop new nuclear power generation capabilities for safe and reliable baseload power, scientific diplomats, geophysicists and Nuclear advocates like HE Dr. Zerbo will be crucial in driving the expansion of the industry on the African continent to achieve a just energy transition.
Additionally, with policies related to the global energy transition hampering the flow of investments across the African continent, HE Dr. Zerbo's participation in AEW 2022's high-level panel discussions and workshops will be important in highlighting the role of nuclear power as a tool for Africa to achieve a green energy landscape and attract the massive investments needed to maximize the growth of the energy sector to drive socio-economic development.
Having served as Prime Minister of Burkina Faso, HE Dr. Zerbo is well positioned to shape serious discussions at AEW 2022 on how African countries can modernize energy policies to incorporate the development and exploitation of nuclear power to accelerate energy diversification.
the energy mix.
“The Chamber is proud to host HE Dr. Zerbo at AEW 2022, where the executive will drive dialogue on the challenges and opportunities in Africa's nuclear power industry.
Winner of multiple awards and honors, including the AAAS Award for Science Diplomacy, HE Dr. Zerbo's contribution at AEW 2022 will be instrumental in helping industry delegates understand the potential of Africa's nuclear power to make the energy poverty will be history across the continent by 2030”.
says NJ Ayuk, CEO of the ACS.
Under the theme "Exploring and investing in Africa's energy future while driving an enabling environment", HE Dr. Zerbo will discuss issues such as youth empowerment, nuclear standards and policy development, as well as how Africa can address the challenges of the industry, including the lack of adequate investments.
to boost the growth of the sector.
With Africa looking to increase investment to maximize the diversification of its energy mix for energy security and affordability, enhanced cooperation with local and international energy companies, government institutions and investment parastatals is critical.
The African Energy Chamber (AEC), as the voice of the African energy sector, is committed to connecting African energy stakeholders, policymakers, investors and global partners to discuss investment trends in the continent's energy industry.
In this regard, the ACS is proud to announce that Switzerland-based global private banking corporation Julius Baer will sponsor refreshments for industry executives participating in a golf tournament scheduled to take place after the conference and African Energy Week (AEW) exhibition: Africa's premier event for the oil and gas sector taking place from 18-21 October in Cape Town. Representing one of Africa's fastest growing private investment managers and financiers, Julius Baer's participation in the AEW 2022 golf tournament as a sponsor will be instrumental in shaping the dialogue on investment opportunities across the supply chain.
energy value of the continent.
Scheduled to take place at Steenberg Golf Club, the golf tournament at AEW 2022 provides a platform for CEOs and CEOs of major global companies, independents, national oil companies and private sector corporations, as well as ministers and senior government officials.
from all over the world connect.
, network and discuss the future of African energy.
With a lack of investment limiting the optimal exploration and production of the continent's vast yet untapped hydrocarbon resources, as well as the development and exploitation of key resources such as renewable energy, the golf tournament at AEW 2022 offers an ideal platform.
for industry stakeholders to discuss the best financing solutions to accelerate and maximize the continent's energy developments in pursuit of making energy poverty history by 2030.
With Julius Baer looking to expand its presence in the high potential energy sector of Africa, Having Made High-Level Appointments To Bolster Its Growth In Sub-Regions In August 2022: The Golf Tournament At AEW 2022 Presents An Opportunity For The Company To Engage With African Stakeholders, Promote Its Innovative Management Solutions investments and financing and start your continental and industry expansion together with the main players and financiers of the industry.
“The Chamber is honored to host Julius Baer as a soft drink sponsor at the golf tournament at AEW 2022.
With the energy transition and various geopolitical and energy market trends disrupting the flow of investment in the African energy sector, we believe that companies like Julius Baer will be crucial in helping the continent identify opportunities and translate them into tangible investment deals.
We see companies like Julius Baer and platforms like the golf tournament at AEW 2022 driving more oil and gas deals and triggering new growth in the African energy market,” said NJ Ayuk, CEO of AEC.
The island nation of Mauritius will host the 2022 African Economic Conference (AEC) (https://AEC.AfDB.org) from December 9-11, said its Minister of Finance, Economic Planning and Development, Dr. Renganaden Padayachy.
Thursday at a press conference announcing the event.
The African Economic Conference is Africa's premier forum for discussing the continent's emerging challenges and opportunities and is co-organized by the African Development Bank, the Economic Commission for Africa and the United Nations Development Programme.
This year's conference will be held in a hybrid format, with in-person delegates meeting in the northwestern coastal city of Balaclava in Mauritius.
It will be held under the theme "Supporting climate-smart development in Africa".
"Hosting such a high-profile event is truly a privilege and honor for Mauricio," Padayachy said.
Addressing the topic of AEC 2022, Padayachy made reference to the World Risk Report 2021, which described Africa as the most vulnerable continent to climate disasters and Mauritius.
The minister said that the government is very committed to accelerating the process of green transformation of the country, aiming to generate 60% of its energy from renewable sources by 2030 and a more climate-resilient economy," he said.
In his remarks, the African Development Bank's Deputy Director General for Southern Africa, Kennedy Mbekeani praised the government of Mauritius for agreeing to host the 2022 African Economic Conference.
ACS 2022 offers a platform for further reflection on strengthening institutional capacities to develop innovative climate-smart mechanisms to strengthen Africa's resilience and momentum for change.
to low-carbon development paths "Water supply and production of a Food can be hampered by changing weather patterns.
Africa's most vulnerable regions are also among the most fragile due to their reliance on unimproved commodities and lack of economic variety," said Mbekeani.
According to Mbekeani, creating climate-smart policies could become a driver of development across Africa.
, and investments in building resilience to climate change could have broader economic and social benefits, Vice President Eric Ogunleye, the Bank's AEC Task Manager Adeleke Salami, and other senior government officials, including the Under Secretary for Finance of the Ministry of Finance, Economic Planning and Development, Vish Soondram Mbekeani highlighted the new Climate Change and Green Growth Policy and Strategy for 2021-2030, which aims to address cli, offset financing disparities in Africa and strengthen the voice of the continent on the problems of climate change.Experts have warned that Most of Africa will experience extreme weather events, which have become more frequent and severe, causing damage to agriculture, tourism, cities, infrastructure, water, energy systems and even the extractive sector.
Since its creation in 2006, the ACS has supported research, policy debate and knowledge sharing on issues affecting Africa.
This year, Mauricio expects more than 400 in-person attendees.
Click here (https://bit.ly/3EubaI8) to see the comments of Finance Minister Padayachy Click here (https://bit.ly/3EuvKbh) to see the comments of Mbekeani Video (https://bit .ly/3TaQCbK) of the full press conference report Click here (https://bit.ly/3TaQIjC) to view photos
Africa's vast, though largely untapped, human and natural resources, including some 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves, present a tremendous opportunity for the continent to fuel economic expansion, address looming energy poverty and transition to a global economy.
and social power.
However, cooperation between African states, parastatals, the public sector, private companies and local communities is vital to the maximization of these resources, as well as to the development of a globally competitive workforce and industry leaders.
The African Energy Chamber (AEC), as the voice of the African energy sector, is committed to partnering with African organizations, platforms and communities to power the growth of the continent's broader economy through the optimal exploitation of national resources.
In this regard, the ACS is proud to announce that the philanthropic institution, Black Impact Foundation, will host a panel discussion on October 20 at the African Energy Week (AEW) conference and exhibition, Africa's premier event for the oil and gas sector.
the gas that will take place from 18 to 21 October this year in Cape Town. Chaired by Dutch soccer legend and president of the Black Impact Foundation, Clarence Seedorf, and Ndaba Mandela, president and co-founder of the non-profit organization Africa Rising Foundation, and grandson of Tata Madiba Nelson Mandela, the panel discussion at AEW 2022 will feature with leaders from public and private sector institutions to discuss the importance of African entrepreneurship, education, financial solutions and the empowerment of women and youth to accelerate the development and exploitation of the continent's energy resources to drive socio-economic growth.
With more than 600 million people in Africa living in energy poverty and more than 900 million without access to a clean cooking solution, as well as chronic energy shortages and high prices affecting industrialization, institutions such as the Black Impact Foundation and the Africa Rising Foundation will be crucial in uniting African energy policymakers, businesses and investors with global partners to advance the sustainable development and exploitation of energy resources for energy security, affordability, creation of employment, poverty alleviation, and gross domestic product growth.
Representing Africa's largest gathering for energy stakeholders and regulators, AEW 2022 serves as the ideal platform to host the Black Impact Foundation Roundtable to discuss best practices in addressing critical challenges facing the continent's energy industry.
, such as inadequate investments and lack of infrastructure, skilled labor and technology, as well as the impacts caused by policies related to the global energy transition.
“I am proud that AC Milan and Real Madrid legend Clarence Seedorf and Ndaba Mandela are leading discussions that will make us think differently.
We bring a different spin to the energy talks and God knows Africa and our energy sector need it.
I am excited that this roundtable at AEW 2022 will drive solutions to power the expansion of Africa's energy sector and make energy poverty history across the continent by 2030.
We believe that for Africa to achieve its socio-economic development agenda, we need to drill more organizations and oil and gas wells.
as the Black Impact Foundation, it will be crucial to empowering Africans and driving long-term energy development through capacity building,” said NJ Ayuk, CEO of AEC.
Themed "Exploring and Investing in Africa's Energy Future While Driving an Enabling Environment," the Black Impact Foundation Roundtable at AEW 2022 will explore the challenges and opportunities within the continent's energy industry and how Africa can accelerate its developments.
energy to meet your needs.
local energy needs and stimulate economic growth, while contributing to global energy security.
With Africa seeking to maximize the exploitation of its entire resource base, including oil, gas, coal and renewable energy for a secure and sustainable energy mix that supports the continent's efforts to accelerate electrification and drive socio-economic development, the Cooperation regarding knowledge sharing, skills development, project deployment and financing with global parties is vital.
As the voice of the African energy sector, the African Energy Chamber (AEC) is proud to promote cooperation between African energy policymakers, businesses and investors with global industry stakeholders to accelerate the development of a sustainable energy mix on the continent.
In this regard, the ACS is proud to announce that a delegation from Saudi Arabia, one of the world's leading hydrocarbon producers and exporters, will join African and global energy industry players at the African Energy Week conference and exhibition ( AEW), the main fair in Africa.
event for the oil and gas sector that will take place from October 18 to 21 in Cape Town. The delegation is made up of representatives from the Ministry of Energy, including Dr. Zaid Al Ghareeb, Director, Clean Hydrogen and Circular Carbon Economy; Dr. Gasem Fallatah, Deputy Director of the Petroleum Sustainability Program; Muteb Faqehy, Advisor to the Ministry; Omar Asiri, Expert Engineer; Tariq Al Shammari, Department Director; Fawaz Al Mazroo, Director General of International Associations and Organizations; Fuad Mosa, General Supervisor of Local Content, Risk and Crisis Management; Saad Al Khuzayim, Manager of the Business Planning and Development Department; Mohammed Al Qahtani, General Manager, Innovation and Development; and Abdullah Al Qahtani, senior energy engineer, along with Yassir Mufti, vice president of fuel for Saudi Aramco; Mohammed Al Mulhim, President of Aramco Trading; Abdulaziz Al Hamdan, Vice President of the Development and Growth Sector of Aramco Trading; and Hamid Alharthi, General Manager, South Africa region at Sabic.
The Saudi delegation's presence at AEW 2022, Africa's largest gathering for energy players, will be crucial in shaping discussions on the challenges and opportunities for the oil and gas industry in the energy transition.
With the African continent seeking to maximize the development and exploitation of its estimated reserves of 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas to lift more than 600 million of its people out of energy poverty, assistance and participation of the Saudi delegation at the AEW 2022 panel discussions and high-level meetings will be crucial in helping the continent develop best practices to optimize the hydrocarbons industry and achieve a just and inclusive energy transition.
Representing one of the world's largest holders of oil and gas reserves, as well as one of the most established hydrocarbon markets, the presence of a Saudi delegation at AEW 2022 will be important in driving dialogue on how Africa can boost investment.
in exploration, production activities and infrastructure deployment.
in the midstream and downstream sectors, as well as improving the use and monetization of hydrocarbon resources to make history on energy poverty across the continent by 2030, while improving gross domestic product growth and contributing to energy security world.
“I want to thank His Royal Highness Prince Abdul Aziz Bin Salman for ensuring that Saudi Arabia is not only present but leads key discussions.
We are honored to host the delegation from Saudi Arabia, one of the world's largest energy markets, to discuss the importance of oil and gas resources in developing and exploiting a sustainable energy mix.
We believe that Africa has much to learn from Saudi Arabia on how to manage its vast oil and gas resources for energy security and socioeconomic growth.
At AEW 2022, representatives from Saudi Arabia will discuss how Africa can drill more oil and gas wells and build more refineries and pipelines while reducing emissions for energy independence, reliability and affordability,” said NJ Ayuk, CEO of AEC.
Under the theme "Exploring and Investing in Africa's Energy Future While Driving an Enabling Environment", AEW 2022 will host representatives from the Saudi Arabian energy sector in exclusive networking sessions and various forums on the future of the hydrocarbons industry.
By Leoncio Amada NZE, Executive President of the African Chamber of Energy (www.EnergyChamber.org) CEMAC Zone, President of APEX INDUSTRIES SA The global health and economic crisis caused by the COVID-19 pandemic affected the economic foundations of the CEMAC zone in an unprecedented way due to the limited integration and economic diversification of the region.
The six countries of the union - Cameroon, Equatorial Guinea, Gabon, Chad, the Central African Republic and the Republic of the Congo - share a regional economy dominated mainly by hydrocarbons, which represent 80% of export earnings and 75% of income according to the World Bank and the International Monetary Fund. Of the six member states, only Cameroon is a net importer of oil.
However, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon are more dependent on oil than Cameroon.
The promised economic diversification that has never come For decades, the governments of the CEMAC countries have been talking about economic diversification programs that have not been as successful as we all hoped.
The reason: on paper excellent plans and programs for economic diversification have been drawn up, but the development of the private sector has not gone hand in hand: one cannot speak of diversification and economic growth without a strong national or regional business fabric that generates employment and business opportunities for nationals and foreigners.
In short, the private sector must have the weight it deserves; it must be the thermometer with which the temperature and vigor of economic activity are measured; and, above all, it must be the master of the orchestra in the design and articulation of any macroeconomic program in the medium and long term so that it has the slightest chance of prospering.
Despite potentially being an important market with approximately 59 million inhabitants and abundant natural resources, the CEMAC zone remains the least developed and with the worst fiscal and monetary policies on the African continent.
Of 190 countries in the World Bank's "Doing Business" index in 2020, the six CEMAC countries are in the worst positions with Cameroon in position 167; Gabon in position 168; Equatorial Guinea in position 178; Chad in position 182; Central African Republic in position 184; and the Republic of the Congo in position 180.
With the scenario described above, it is not surprising that the flow of foreign investment into the region has decreased exponentially in recent years.
A sinking ship There are times when it is necessary to call things by their name, times when silence is not an option, times when it is necessary to denounce and expose the bad actors that are holding back the development of the African continent , times when we must put the general public interest above anything else.
The time has come for Mr. Abbas Mahamat Tolli, Governor of BEAC, to respond to regional and international public opinion on certain issues related to the implementation of his disastrous #BEACForex Regulation in the CEMAC zone.
The regional business community, foreign investors, development partners and the general population of the CEMAC region are experiencing unbearable pain due to irresponsible monetary policies that are ruining thousands of lives and businesses.
The excuse of the implementation of clearly disastrous and Neanderthal-style monetary policies to safeguard the parity of a currency whose economy is in free fall no longer convinces anyone.
Does the BEAC Governor work for the strengthening and development of the CEMAC business ecosystem, or is he at the service of certain interests whose geostrategic objective could be to see the region totally financially and indefinitely destroyed in the economic mess in which the six countries?
The African Energy Chamber (AEC) invites the Governor of BEAC and his team to participate in the next African Energy Week (AEW) 2022 that will take place from October 18 to 21 in Cape Town, where, among other topics, topics will be discussed related to the economic and financial spectrum of the CEMAC area will be addressed, to give you the possibility to use a powerful platform such as #AEW2022 to explain to the African and global business community about the monetary and financial objectives that are pursued in the medium and long term with the implementation of the nefarious policies that the BEAC is applying for the macroeconomic interests of the subregion.
Need for an Urgent Intervention by Public Authorities The ACS invites the Heads of State and Finance Ministers of the #CEMAC zone to adopt corrective measures to mitigate the unnecessary economic damage caused in the region by the implementation of the nefarious and irresponsible Exchange Regulation of the BEAC - an issue that has become a true nightmare for businessmen and women who generate national wealth and employment in the subregion.
A monetary policy that today constitutes the main obstacle to attracting direct foreign investment to the region and blocks any attempt or maneuver of economic recovery.
A monetary and financial system conceived and created more than four decades ago and that has not been adapting to the economic realities of a globalized, dynamic and increasingly interconnected and interdependent world, cannot respond to or face the complexities that derive from the interaction between economic actors.
of the subregion with the outside world.
The time has come for the BEAC to remove its suffocating boot from the neck of the small businessman and entrepreneur of the CEMAC zone.
The time has come for the CEMAC economies to take advantage of the incentives offered by the African Continental Free Trade Agreement for their development and diversification.
And, above all, the time has come for Mr. Abbas Mahamat Tolli to step aside from his post as Governor of the BEAC and allow people with the macroeconomic vision that current times require and that the CEMAC zone deserves.
The businessmen and businesswomen of the CEMAC simply shout: "We want to breathe."