The African Energy Chamber’s (AEC) Invest in African Energy Forum got underway at the Westin Paris Vendome with significant anticipation. This pioneering forum aims to escalate European investments in African energy projects and create new bilateral ties to reinforce the prosperous partnership between Africa and Europe.
Prominent industry experts, including Hon. Tom Alweendo, Minister of Mines and Energy of Namibia; H.E. Bruno Jean-Richard Itoua, Minister of Hydrocarbons of Congo; and NJ Ayuk, Executive Chairman of the AEC, were present at the opening ceremony. They addressed the need for a balanced energy transition and the importance of deals in propelling investments.
Ayuk expressed the significance of the forum’s location in Paris, the city where climate agreements were signed, saying, “It is really important that we move to drive deals, approve projects, create opportunities and drive investment.” He called for decisive action on fiscal matters and deal-making.
In discussing Congo’s progress towards gas monetization, H.E. Minister Itoua highlighted plans for the first exportation of liquefied natural gas by Q4 2023. He also revealed an upcoming gas code to provide incentives to oil companies, with the support of the World Bank.
H.E. Minister Ntubuanga of the Democratic Republic of Congo discussed the significant potential for hydrocarbon development in his country and legal incentives to attract investment. The DRC has a potential for 22 billion barrels of oil.
European players are essential in financing and developing African hydrocarbons as Africa seeks to leverage its oil and gas resources fully. This sentiment was echoed by Hon. Alweendo, who assured potential investors, “It is a business and we need to understand your position, what will make it easier to invest and what we need to do to get you to sign deals.”
The forum comes at a crucial juncture, as Africa’s energy landscape is transforming swiftly. Nysveen, Senior Partner & Chief Analyst, Rystad Energy, spoke on this transition, emphasizing it is about ‘energy addition’, not about ‘either-or’ scenarios.
Benignly aware of the logistics industry’s growing significance in Africa’s expanding energy sector, Eric Melet, CEO Rail & Logistics Solutions, Africa Global Logistics, pledged to create a virtual logistics ecosystem.
CEO of Perenco, Benoît de la Fouchardière, expressed his company’s readiness to make significant contributions, stating that they had already made a significant discovery and had begun producing six months after signing a deal in Congo.
The Invest in African Energy Forum promises to build bridges connecting European and African players in the energy sector, fostering shared growth and a just energy transition.
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