Can African oil producers help the world end reliance on Russian Oil and Gas?
Unlocking Africa’s oil and gas potential is now imperative against the backdrop of the war in Ukraine and the resulting crude, diesel, and gas supply crunch. This has rendered European dependence on Russian energy untenable, creating a major opportunity for Africa to position itself as a crucial option to increase the supply to the global energy markets. However, significant challenges remain for the continent’s hydrocarbon producers to suddenly ramp up their production due to infrastructure, finance, and technology deficits.
Countries with major LNG resources, such as Nigeria, Angola, Libya, and Algeria, suffer from limited and underdeveloped pipeline networks, refineries, jetties, terminals, and ports. Additionally, incentivizing foreign investment is often problematized by a host of risk factors, including political instability, local insecurity issues and financial institutions shifting investments from fossil fuels to renewables. Finally, securing the latest technology to facilitate local content development has proven cost prohibitive given the reliance on foreign intellectual property and the continual brain drain of key local human capital.
All the above issues will be discussed at the 8th Africa Petroleum Congress and All the above issues will be discussed at the 8th Africa Petroleum Congress and Exhibition (CAPE VIII) taking place from 16-19 May 2022 in Luanda, Angola. The congress is organized by the African Petroleum Producers Organization (APPO), the government of the Republic of Angola (for the first time), and AME Trade Ltd. The three-day event will be centered around the theme of “Energy Transition: Challenges and Opportunities in the African Oil and Gas Industry,” and assemble experts from the national, regional, and international energy and oil and gas industries to deliberate the challenges and opportunities of the energy transition and the future of the oil and gas industry in Africa.
CAPE VIII will unfold against the recession of the global pandemic that exacerbated record production declines across African hydrocarbon producing countries from 2020 to 2021. The annus horribilis was compounded by under-investment in exploration activities, leaving several of the continent’s biggest energy players struggling to cope with the post-lockdown surge in demand for hydrocarbons. Fortunately, APPO’s ambition to establish the continent as an energy hub regained significant headwind with a stellar upstream development outlook for 2022 and beyond.
The congress will be the ideal platform for Africa’s leading oil and gas producers to confront the foregoing challenges and engender solutions to maximize its oil and gas resources. Amid the drive by developed economies towards decarbonization and net-zero policies, attending energy stakeholders will have the opportunity to reinforce the case for regional integrated supply chains and pooling resources to leverage the catalytic power of hydrocarbons in a sustainable manner.
Supported by countless multinationals across the energy value chain and national oil companies, CAPE VIII will feature illuminating insight from a range of illustrious keynote speakers, who will mold the future landscape of energy in Africa and beyond.Source: AME Trade Ltd