African energy demand is projected to more than double by 2050, with fossil fuels anticipated to account for up to 60% of the continent’s energy mix by 2040. This trend highlights the growing importance oil and gas will continue to hold in Africa. In partnership with international oil companies and private E&P firms, the continent’s national oil companies (NOC) are responding to this projection by prioritizing fast-tracked project development, promoting collaborative exploration and production to bring new reserves online.
The upcoming African Energy Week (AEW): Invest in African Energy conference – scheduled for November 4-8 in Cape Town – features a strong lineup of African and global national oil companies (NOC). This lineup reflects a strong intention by NOCs to collaborate, unlock additional reserves and drive oil and gas projects forward across both emerging and mature markets in Africa.
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 http://www.AECWeek.com for more information about this exciting event.
Southern Africa has yielded some of Africa’s biggest oil and gas finds in recent years. Namibia – which featured a string of offshore finds since 2022 – has rapidly emerged as an oil and gas hotspot, with Galp Energias’ Mopane discovery estimated to hold 10 billion barrels alone. In South Africa, the 2019 Brulpadda discovery accounted for 10% of the overall discovered volumes in Africa that year while the Luiperd find accounted for 80% of the continent’s volumes discovered in 2020. Mature producers such as Angola also continue to unlock additional reserves, with ExxonMobil announcing a discovery at the Likember-01 research well in Block 15 this year. At AEW: Invest in African Energy 2024, Angola’s NOC Sonangol, Namibia’s NAMCOR and South Africa’s SANPC will speak on these discoveries and future opportunities.
East Africa is one of the world’s final frontiers for oil and gas exploration, with major discoveries made in recent years showcasing the potential for billion-barrel projects. In exploration, offshore basins in Tanzania have shown trillions of cubic feet of gas while onshore acreage in Uganda holds the promise of new oil supplies. While various cross-border infrastructure projects, LNG facilities and field developments are underway, the region offers significant potential for exploration. During AEW: Invest in African Energy 2024, East African NOCs including the Tanzania Petroleum Development Corporation; Uganda National Oil Company; and National Oil Company of Malawi will unpack this potential, sharing insight into ongoing projects and untapped investment opportunities.
Contrastingly, West Africa holds some of the biggest oil and gas producing markets on the continent. These include the Republic of Congo – which is diversifying its energy matric through billion-dollar gas investments; Equatorial Guinea – which is diversifying LNG feedstock through agreements signed with regional neighbors; and Gabon – which aims to boost production to 220,000 barrels per day. Concurrently, markets such as Cameroon, Liberia and Ivory Coast hold strategic potential for exploration firms, with recent finds underscoring opportunities in frontier drilling. At AEW: Invest in African Energy 2024, NOCs to the likes of Société nationale des pétroles du Congo; GEPetrol; Gabon Oil Company; and Ghana National Petroleum Corporation are participating. Additionally, the National Hydrocarbons Corporation of Cameroon; the National Oil Company of Liberia; and Petroci have joined.
While West African countries account for a large share of African hydrocarbon production, the same can be said for North Africa, with Algeria representing the largest natural gas producer in Africa. The country’s production measured over 100 billion cubic meters (bcm) in 2023, with ambitions to exceed 200 bcm in production over the next five years. During 2024, up to 8 oil and gas discoveries have been made, with the NOC Sonatrach signing several exploration agreements with the likes of TotalEnergies, ExxonMobil and more to unlock additional basins. Sonatrach is participating at AEW: Invest in African Energy 2024.
In addition to African NOCs, global counterparts including the respective NOCs of Saudi Arabia and Azerbaijan have also joined the conference to discuss investment opportunities, future collaborations and how knowledge-sharing can support the next generation of oil and gas projects. Saudi Aramco, for example, which represents one of the biggest gas producers worldwide, offers a wealth of expertise for African NOCs. Similarly, the National Oil Company of the Azerbaijan Republic, an expert in refining and infrastructure development, stands ready to support Africa as it scales-up domestic refining capacity.
Distributed by APO Group on behalf of African Energy Chamber.
