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, African Energy Week (AEW) (https://AECWeek.com/), which will take place from 18 – 21 October 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 around the role NOCs play in boosting investments into, as well as the exploration and production of Africa’s hydrocarbon sector.
With oil production diminishing due to continued declines in output across legacy projects in leading 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 instance, Africa’s largest producer of crude oil, where production is anticipated to decline from 2023 onwards and no significant liquids project is expected to be approved or brought online in 2022, the Nigerian National Petroleum Corporation (NNPC) has an important task to play in increasing exploration and ramping up production. With the implementation of the Petroleum Industry Act in 2021, the Nigerian government completely overhauled the NNPC, restructuring the company and consequently redefining the role the organization plays in the petroleum sector. Since then, the NNPC has been operating on a commercial basis, driving exploration and production in a more market-driven manner.
Moreover, with the exit of international majors such as TotalEnergies, Shell, Eni and ExxonMobil expected to dent production in Africa, NOCs need to ensure 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 continues to fall due to global climate policies and as such a dire need has risen for African NOCs to reform business operations to attract investments. The NOC Summit at AEW 2022 will therefore unite 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 a significant role to play in driving investment and development across the entire energy value chain in Africa, and the NOC Summit provides an opportunity to discuss this role while addressing the challenges and opportunities faced in the sector today. Extending on the success seen in last year’s summit, the AEW 2022 NOC summit will build an Africa-focused narrative on oil, gas and exploration,” stated Tomas C. Gerbasio, Strategy and Business Development Director at African Energy Chamber.
Additionally, Africa’s NOCs have a critical role to play in driving the growth of the continent’s gas economy, increasing collaboration with majors as well as financial institutions and stimulating development across the entire value chain. Algeria’s Sonatrach and Egypt’s EGAS have been leading in this regard, with the recent signing of deals with Italy’s Eni for increased cooperation to intensify local gas production to meet domestic demand as well as for increased exports to Europe.
Despite having 125.3 billion barrels of crude oil reserves, one of the world’s largest, Africa exports the majority of its resources while importing refined products due to lack of downstream investment and refining capacity. As a result, over 600 million people in Africa are living in energy poverty and the continent continues to struggle with high energy prices and shortages. Angola, for instance Africa’s third largest oil producer with 8.2 billion barrels of proven oil reserves, heavily relies on energy imports, spending over $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 Africa’s state-owned organizations can increase investments from both the public and private sector to accelerate downstream development.
Distributed by APO Group on behalf of African Energy Week (AEW).
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About African Energy Week (AEW) 2022:
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.