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A service for energy industry professionals · Wednesday, April 17, 2024 · 704,325,765 Articles · 3+ Million Readers

African Energy Week Promotes NOCs as the Key Drivers of Africa's Energy Growth at Africa Independence Forum

In addition to emphasizing the value of increased International Oil Company (IOC) participation in Africa’s energy sector, African Energy Week (AEW) in Cape Town recognizes the role that National Oil Companies (NOC) will play in accelerating the continent’s energy transformation. Rather than act as disengaged entities, NOCs maintain a critical position in Africa’s energy development, serving as key drivers of sectoral growth. By hosting an Africa Independence Forum in Cape Town, AEW 2021 will promote the role of NOCs, with a high-level speaker panel driving a discussion on how to increase production and energy security to ensure demand is met and Africa’s energy independence established.

African governments have been adopting an increasingly active role in the continent’s energy sector expansion, using NOCs to enhance exploration, drive development, and ensure energy growth translates into social benefits. NOCs have been making significant progress, particularly with regards to Africa’s upstream industry. The strength of NOCs comes through their ability to work both independently and in partnership with IOCs. By operating fields in key basins across Africa, and additionally working alongside IOCs such as Tullow Oil, TotalEnergies, Perenco and Eni, NOCs are scaling up exploration efforts while significantly increasing domestic production capacity.

By acting as partners for IOCs, while managing assets and both downstream and upstream activities, NOCs have taken on a collaborative role in Africa’s energy future. Companies such as the Nigerian National Petroleum Corporation (NNPC), the Gabon Oil Company, Botswana Oil and Sonangol have positioned themselves as drivers of upstream exploration. With over 48 billion barrels of oil (bbl) in Libya, 36 bbl in Nigeria, 12 bbl in Algeria and 8 bbl in Angola, the continent is a world leader in proven crude oil reserves. Additionally, with over 200 trillion cubic feet (tcf) of natural gas reserves in Nigeria, 159 tcf in Algeria, 120 tcf in Senegal, and 100 tcf in Mozambique, NOCs are committed to exploiting the continent’s immense resource potential, boosting socio-economic growth and development. Despite international stakeholders moving away from fossil fuels and towards cleaner energy solutions, Africa is committed to pursuing accelerated hydrocarbon development to meet growing demand, and NOCs have taken on the challenge.

Meanwhile, NOCs have played a valuable role in increasing capacity building, driving local content and accelerating socio-economic growth. Managing upstream and downstream activities on behalf of the state, NOCs are committed to the local population, ensuring all sector activities reap positive benefits for the host population. Accordingly, NOCs serve as a bridge between the energy sector, the government, and the people, positioning local content at the center of all sector activities. Companies such as the National Oil Company of the Congo, the Ghana National Petroleum Corporation, Petrosen, and the National Petroleum Corporation of Namibia have all played an active role in ensuring sustainable socio-economic development. The African Independence Forum at AEW 2021 in Cape Town seeks to promote these achievements, emphasizing how NOCs will not only drive energy sector growth, but wider socio-economic development.

“Africa’s NOCs are critical to Africa’s energy future. Serving as key drivers of sectoral development and wider economic growth, NOCs are positioning themselves as top industry competitors and should be commended. As the continent moves to establish long-term energy security and ensure energy independence for years to come, AEW 2021 will only enhance this trend, placing NOCs at the forefront of Africa’s transformation. The African Independence Forum at AEW 2021 in Cape Town will enable leading African NOCs to promote achievements, emphasizing key projects, and establish sustainable partnerships with global stakeholders and IOCs. The diverse speaker panel will drive the conversation on Africa’s energy future and stakeholders will not want to miss out,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

AEW 2021 will not only give African NOCs the platform to promote new developments, attractive regulatory environments, and key opportunities, but will provide valuable networking opportunities between NOCs and IOCs, emphasizing collaboration and partnerships that will advance Africa’s energy future. IOCs have a critical role to play in scaling-up NOC capacity through skills transfer, capacity building and partnerships. AEW 2021 provides the suitable platform whereby a productive discussion can commence between NOCs and IOCs, with Africa’s energy future a key focus in every dialogue.

Distributed by APO Group on behalf of African Energy Chamber.

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