Highlights of the five-day program include a historic OPEC-African Roundtable; Energy Finance Summit; Upstream E&P Forum; Pan-African Local Content Town Hall Meeting; and Women in Energy Panel; among other high-level sessions.

The African Energy Week: Invest in African Energies 2024 conference – the official meeting place for Africa’s energy sector – has launched its official program, an impressive five-day agenda featuring 7 premium stages, 5 content stages, 2 technical hubs and a full day of pre-event workshops.

Ahead of the official conference opening, a Farmout Finance Forum will serve as a deal-making pitching platform for NOCs, small- to medium-sized independents and energy sector start-ups, which are involved in exploration activities or seeking funding for projects. Participating companies will provide 10-minute pitches to a captive audience of exploration and new venture managers seeking investment and partnership opportunities across Africa. The pre-event agenda will also include a series of Interactive Technical Workshops – led by pan-African legal and business advisory firm CLG, engineering firm ENERGIO, the African Petroleum Producers’ Organization and market intelligence firm S&P Global – aimed at sharing technical knowledge and enabling the exchange of ideas.

Uniting African countries and the OPEC+ alliance, an OPEC-African Roundtable will highlight the importance of the continent to the global oil producers’ group, following recent commercial hydrocarbon discoveries and new refining capacity brought online. As Africa plays a critical role in driving crude oil supply and demand, this historic session brings together OPEC and non-OPEC African explorers and producers to discuss Africa’s energy development needs, current market conditions and future expectations.

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 www.AECWeek.com for more information about this exciting event.

The Energy Finance Summit will explore the future of financing upstream oil and gas in the age of the energy transition, including a focus on African downstream projects. Discussions will unfold on which policies and market reforms can strengthen long-term viability for financing renewables, new energy and infrastructure development, including low interest rates and ESG lending criteria. A spotlight on Africa’s latest mergers and acquisitions will highlight opportunities for growth, diversification and strategic expansion, as IOCs rebalance their portfolios.

With Africa’s oil and gas blocks continuing to draw global investors, Licensing Rounds from Africa’s leading upstream players – including Nigeria, Sierra Leone, Angola, Algeria, Gabon, Uganda, Egypt and Libya – will be on display at AEW 2024. Investors will be able to access exclusive information and technical presentations from the relevant petroleum ministries and regulators on both current and planned oil and gas licensing rounds, as the continent seeks to attract a broader range of companies to sign new contracts and drive exploratory drilling. 

The Upstream E&P Forum will examine the industry’s latest trends and developments, from IOCs prioritizing deepwater acreages to African NOCs and independents acquiring shallow and onshore operations, and from long-term crude oil outlooks to Africa’s latest oil and gas exploration hotspots. Supply and demand economics for African LNG/FLNG will take center stage, along with strategies for reducing the carbon intensity of upstream assets, including CCUS, methane reduction and flaring minimization technologies. EOR techniques and optimization strategies will also be unpacked – specifically in the context of maximizing revenues from Africa’s mature and legacy assets – as well as enhancing local capacity in oil and gas procurement, fabrication and manufacturing.

As part of the flagship AEW Town Hall, a Intra-African Local Content session will focus on ensuring sustainable economic growth and job creation as part of oil and gas sector activities. The session invites African and global energy and industry leaders to examine policies, incentives and frameworks required to enhance the competitiveness of the African workforce and maximize the socioeconomic benefits of oil and gas operations. It will draw on best practices from established markets like Nigeria, Angola and Ghana, which include embedding local content and localization policies into broader national development plans. 

With a focus on unleashing Africa’s hydrogen revolution and creating a sustainable African hydrogen value chain, the Hydrogen Summit at AEW 2024 will explore the potential of hydrogen as a clean, sustainable energy source and its implications for the African and European energy landscape. Discussions will tackle scalability and cost-effectiveness of green hydrogen projects currently underway and their role as potential catalysts for economic growth, power generation, the development of hydrogen fuel cell technologies and enabling infrastructure and policies.

The interactive exhibition and networking event will feature exclusive investment spotlights on MSGBC member countries, the Republic of Congo, Namibia, Nigeria, Algeria, Angola, Equatorial Guinea, Libya, South Africa, Ivory Coast and Ghana. A dedicated Saudi-Africa Partnerships Roundtable will unpack Saudi Arabia’s plans to position itself as a long-term partner to Africa’s energy sector growth, while a US-Africa Energy Partnerships Roundtable will explore how the two actors can further collaborate on technology, policy and investment.

The Powering Africa Summit aims to advance clean energy, technology and innovation to pave the way for Africa’s industrial growth and power generation. The session will showcase the value of regional power markets and interconnecting neighboring power systems in pooling energy resources and de-risking investment, as well as strategies for optimizing African grid capacity by eliminating operational bottlenecks and maximizing effective pricing, tariffs and cost recovery mechanisms.

Given the male-dominated profile of the African and global energy industry, a critical panel discussion will take place on the Transformative Impact of Women in Energy, targeting enhanced diversity, equity and inclusion. The session will highlight African women who are breaking the glass ceiling and making diverse contributions to leadership, policy, finance, technology and innovation across the energy value chain. The conference places a strong emphasis on supporting Women and Youth in STEM, empowering underrepresented groups to enter and succeed within technical disciplines, with a view to advancing Africa’s energy industry and the sustainable exploration of the continent’s natural resources.

The Energy Transition Summit will target real-world, scalable solutions for achieving an equitable and inclusive African energy transition, from improving access to financing for small-scale LNG, to accelerating the African coal transition, to leveraging carbon credits and climate finance. Natural gas will play a key role in decarbonizing Africa’s energy markets as a transition fuel, while the rapid expansion of LPG distribution networks remains central to improving access to clean cooking.

“We are pleased to announce our largest and most ambitious program yet for African Energy Week: Invest in African Energies, which speaks to the scope and complexity of Africa’s current energy needs. AEW 2024 represents an integrated, dynamic agenda featuring high-level forums, our flagship town hall discussions and technical workshops, enabling the flow of capital, technology and innovation to meet Africa’s energy security and industrialization goals,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

By Leoncio Amada NZE NLANG, Executive President of the African Energy Chamber at CEMAC (http://www.EnergyChamber.org) and President of Apex Industries SA.

The discovery of oil in Equatorial Guinea in the mid-1990s constituted an undoubted turning point in the country’s history. The country’s economy had previously been based on agriculture (largely coffee and cocoa) and the export of wood, until the dawn of the oil era.

The influx of multinationals (oil majors) in Equatorial Guinea’s energy sector was due to the attractiveness of the fiscal terms and the prospectivity that the country offered for foreign direct investment (FDI) compared to other countries in the region; so much so that the nation occupied the third place among Sub-Saharan African oil-producing countries in for many years, behind Nigeria and Angola.

In effect, the discovery of oil put an end to the economic primacy of the agricultural sector and promoted the activities of the oil industry, which very soon began to attract foreign investment, allowing the enrichment and financial autonomy of the country. Oil activities led to the implementation of other related industries, thus allowing the development of other economic sectors.

This was made possible through the country’s infrastructure investments and social projects, which in turn had a new, reliable source of finance. Prior to that, traditional products like coffee, cocoa, and wood made the Equatoguinean economy largely dependent on the economic aid it received from the great powers and international financial institutions (including the World Bank, International Monetary Fund, etc.). But the discovery and exploitation of national oil deposits allowed the country to free itself from foreign economic influence. As such, Equatorial Guinea was able to undertake a huge public infrastructure investment program that covered the entire national territory and oversaw the construction of roads, bridges, ports, airports, public housing, power plants, urban districts, hospitals, university campuses, and new cities, as well as the creation of new ministry buildings and town halls. At the same time, oil wealth led to a growth in public savings and investment, reaching the record figure of 3,784 million euros in 2009.

To delve into the details, 534 million euros were invested in social infrastructure, 1,322 million euros in civil infrastructure, 997 million euros in productive investment, and 930 million euros in investment for public administration. Social investment grew by 116% in 2009, compared to an overall growth of 78%.

At the same time, the country’s oil boom has generated other complementary industries, including the construction of a liquefied natural gas (LNG) plant, a methanol plant, a liquid petroleum gas (LPG) plant, among others. These developments have given Equatorial Guinea business opportunities across the economy and have played an important role in the diversification of economic activities, promoting investment in diverse sectors of society and giving the state control over the country’s affairs.

The current situation:

After years of frenetic activity in the energy sector, the country today faces a sharp drop in oil production, which has put it at the bottom of the production rankings of OPEC countries, as can be seen in the following chart:

The reasons for this decrease in production are manifold, but foremost among them is a lack of new discoveries. The last discovery made was in 2007 at the Aseng site. If constant exploratory activity is not maintained, new deposits will not be discovered, and production levels will become volatile.

Natural gas has performed relatively better, despite being a more mature industry than oil. The gas era began with the discovery of the Alba field in 1984, with production coming online in 1991, ahead of oil production. The field still accounts for approximately 45% of the country’s daily production and is a large supplier of feed gas for its LNG (EG LNG) plant, which has been operational since 2007.

The aging of the Alba field has reduced the country’s total production, which peaked in 2013. But the decline has been gentler compared to the precipitous decline in oil production. However, growing domestic demand for gas is further reducing the country’s export capacity.

Hoping to safeguard Equatorial Guinea’s gas exports and attract international interest, the government has set out a vision of establishing the country as a regional gas liquefaction hub, receiving gas from domestic fields, as well as from neighboring Cameroon and Nigeria, to process it and export it to international markets. Such a plan would extend the lifespan of our EG LNG facility, which has been in difficulty since gas supplies from the Alba field began to decline. The project is progressing at a slow pace due to obstacles like negotiations with neighboring countries on developing cross-border oil and gas fields, securing potential supplies, and building connecting pipelines.

In 2019, the country launched a licensing round to auction 27 oil and gas blocks. In the end, three blocks were awarded to small players. In 2023, the government adopted an “open door” policy, whereby any company could express interest and enter into direct negotiations with the government. In 2023, a block was awarded to Panoro Energy as a result of these negotiations.

An open-door strategy is generally adopted when the success of a bidding round is in doubt. Indeed, bidding rounds are the superior and most widely used strategy for allocating oil and gas licenses. However, their success depends on several factors, some of which go beyond a country’s borders, such as prevailing oil and gas prices, while others are related to the country’s potential. When prices are high and the country’s oil and gas sector has promising prospects, competition among bidders tends to be strong, resulting in a windfall for the government. A failed bidding round that does not attract enough interest can damage a government’s negotiating position. To avoid such an outcome, governments use direct negotiations.

With aging assets, technically challenging small fields, and high exploitation costs, Equatorial Guinea is among the producers that are particularly exposed to the pressures of the energy transition. The government’s priority should be to extend the lifespan of its hydrocarbon sector, which represents around 85% of its GDP and just over 75% of its tax revenue, by remaining open to offers from smaller players. Governments usually prefer to work with large industry players that have a presence on their home soil, given that smaller players lack adequate financial and technical resources. It also makes it easier to negotiate new agreements. However, a change in the structure of the industry is expected as producing oil fields become more mature. The government should adopt measures that will help it adapt to this new phase.

To improve the attractiveness of investing in the country, the government announced several tax incentives, effective from early 2024, including reducing the corporate income tax rate from 35% to 25%. These measures could help but are not enough to offset the limited potential needed to generate the kind of rewards big players typically require. In fact, we believe that the measures adopted are too timid and that more forceful actions should be implemented in the short term to save and reactivate the sector that constitutes the backbone of the country’s economy.

There are no miracles in the oil industry, the only alternative is to apply the “Drill baby Drill” theory, which means drilling and drilling more exploratory wells to maintain or increase production levels. For this, certain incentive actions are necessary:

Resolve the problem of the New BEAC Change Regulation. This highly bureaucratic and suffocating process has become the biggest obstacle and brake on foreign direct investment in Equatorial Guinea’s oil sector.
Tax incentives.

Exemption from payment of tax on assignments and transfers of assets in the oil sector for companies in the exploration and development phases. This measure would revive the appetite of independent companies to invest in the Equatoguinean oil sector and would revive exploratory activity in the country, motivating agile companies dedicated to exploration, thus favoring the farm-in and farm-out processes.
Tax holidays on the payment of corporation tax (IS) for a negotiable period for new deepwater gas field contracts.
Tax holidays on the payment of corporation tax (IS) for a negotiable period for new contracts for gas fields in shallow waters.
Tax holidays on the payment of corporation tax (IS) for a negotiable period for deepwater crude oil field contracts.
Tax holidays on the payment of corporation tax (IS) for a negotiable period for crude oil field contracts in shallow waters.
Tax credits for operating companies that train Guineans and whose management positions are occupied by nationals for contracted companies as follows:
Exemption from the payment of customs and parafiscal duties on the import of equipment and machinery intended for oil operations in favor of local companies operating in the sector.
Tax credits for operating companies that partner with local companies for the establishment of research and development (R&D) centers in Equatorial Guinea.
Although the issue of transfers abroad is not a tax issue, we appeal to the Ministry of Finance and Budgets to take action on the matter because this issue has become one of the greatest obstacles to foreign investment into Equatorial Guinea.

Regulatory and legal stability. Investors seek stability in the regulations and laws that govern the oil sector. Constant changes in regulations can increase uncertainty and deter investment.
Ease of acquiring permits and regulations. Simplify the processes of obtaining permits and licenses, streamline bureaucratic procedures, and reduce the regulatory burden for companies in the oil sector.
Training and education. Promote training and specialized training programs in the oil sector to guarantee the availability of qualified labor.
Legal security. Ensure a stable and predictable legal environment to attract long-term investments in the oil sector.
Incentives for innovation and technology. Stimulate the adoption of innovative technologies in the oil industry through financial incentives or R&D support programs.
Promotion of sustainability. Promote sustainable practices in oil extraction and production.

The role of Gepetrol.

With the transfer of MEGI’s assets to Gepetrol SA, the company has the opportunity and potential to become one of the most vibrant national oil companies (NOCs) in Sub-Saharan Africa. Its association with PETROFAC as a technical partner for the operation of the ZAFIRO field will not only allow the company to acquire the experience and technical and operational capacity necessary to effectively and efficiently manage Block B, but also to be an active partner in the operation of other oil fields to represent the interests of the state.

Equatorial Guinea is in a transitional phase of formulating projects and transformative strategies aimed at diversifying its economy, the results of which have yet to be felt, but which will considerably reduce its high dependence on the oil sector.

The fact remains that more than 80% of the country’s GDP comes from the hydrocarbon sector and this scenario is not expected to change in the medium term. It is for this reason that we invite all actors in the sector to adopt whatever measures are necessary to save “the goose that lays the golden eggs.”

Distributed by APO Group on behalf of African Energy Chamber.

The AEW: Invest in African Energy conference proudly announces its initial group of high-level speakers who will drive discussions on investing in Africa’s energy future this November in Cape Town. Stay tuned, there are more speaker confirmations to com.

African energy demand is projected to more than triple by 2040, largely due to anticipated population growth and increased demand across the petrochemical and transportation industries. At the same time, Africa’s proven oil and gas reserves have increased in 2024, as recent discoveries continent-wide open-up new frontiers. As the continent moves to address projected demand – all while supporting clean energy infrastructure amid efforts to initiate a just transition – a wealth of investment opportunities has emerged continent-wide.  

Returning in 2024 as the biggest energy event to take place in Africa, the African Energy Week (AEW): Invest in African Energy conference will once again unite African governments, national oil companies and think-tanks with global investors and project developers. The event convenes under a common goal of making energy poverty history by 2030 and represents the premier platform to sign deals and advance projects in African energy. For more information about AEW: Invest in African Energy’s 2024 speaker lineup, visit https://apo-opa.co/3RdjLVa.

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 www.AECWeek.com for more information about this exciting event.

A focus on improving the regulatory environment for investment in Africa has led to the introduction of attractive fiscal terms and policies, further underscoring the competitiveness of investing in African energy. Representing African governments, the following speakers have joined the AEW: Invest in African Energy conference, where they will outline regulatory measures and industry opportunities.   

Mohamed Arkab, Minister of Energy and Mining, Algeria
Yacouba Zabre Gouba, Minister of Mines and Energy, Burkina Faso
Antonio Oburu Ondo, Minister of Mines and Hydrocarbons, Equatorial Guinea
Nani Chrougha, Minister of Petroleum, Mines and Energy, Mauritania
Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), Nigeria
Viriato Luis Soares Cassamá, Minister of Environment&Biodiversity, Guinea-Bissau
Mohamed Oun, Minister of Oil&Gas, Libya
Tom Alweendo, Minister of Mines and Energy, Namibia
Chief Adebayo Adelabu, Minister of Power, Nigeria
Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), Nigeria
Haitham Al Ghais, Secretary General, OPEC
Dr. Matthew Opoku Prempeh, Minister of Energy, Ghana
Bruno Jean-Richard Itoua, Minister of Hydrocarbons, Republic of Congo
Omar Farouk Ibrahim, Secretary General, APPO
Doto Mashaka Biteko, Deputy Prime Minister and Minister of Energy, Tanzania
Marcel Abeke, Minister of Petroleum, Gabon
Foday Mansaray, Director General, Petroleum Directorate of Sierra Leone

African national oil and gas companies are rapidly emerging as strong partners for global E&P companies, increasing their competitiveness and expertise while driving projects forward. During this year’s AEW: Invest in African Energy conference, a strong lineup of African NOCs will lead discussions around investment and partnership opportunities in Africa’s oil and gas-rich nations. These include:

Micklas Reuben, Deputy CEO of the National Oil Company of Malawi
Maixent Raoul Ominga, Managing Director, Société Nationale des Pétroles du Congo
Sebastião Gaspar Martins, CEO of Sonangol
Mussa Makame, Managing Director, Tanzania Petroleum Development Corporation
Teresa Isabel Nnang Avomo, Managing Director, GEPetrol
Godfrey Moagi, CEO of the Strategic Fuel Fund
Philip Mshelbila Managing Director&CEO, Nigeria LNG Limited
Ebson Uanguta, Interim Managing Director, NAMCOR
Ishmael Poolo, Group CEO, Central Energy Fund
Rachid Hachichi, CEO of Sonatrach

Across both emerging and established energy markets, Africa offers robust opportunities for investors and project developers alike. Discoveries made in Namibia, Mauritania, Senegal, Mozambique, Ivory Coast and more have revealed frontier basins while efforts to increase reserve portfolios in producing countries such as Angola, Nigeria, Algeria, Egypt, Gabon and more have triggered newfound investment prospects. A strong lineup of IOCs, independents and private E&P players have joined the AEW: Invest in African Energy conference, where they will discuss ongoing projects, future prospects and efforts to maximize Africa’s energy resources. These include:

Ian Cloke, COO of Afentra
Anastasia Deulina, CFO of Afentra
Paul McDade, CEO of Afentra
John Hamilton, CEO of Panoro
Jean-Michel Jacoulot, CEO of Trident Energy
Ahonsi Unuigbe, Founder and CEO, Petralon Energy
Anibor Kragha, Executive Secretary, African Refiners&Distributors Association
Adewale Tinubu, GCE, Oando PLC
Roger Brown, CEO of Seplat Energies
Dr Jiri Rus, Sales Director: Africa, Neuman&Esser
Andrew Inglis, Chairman and CEO, Kosmos Energy
Zion Adeoye, CEO of CLG
Nick de Blocq, CEO of Kinetiko
George Maxwell, CEO of Vaalco Energy
Armel Simondin, CEO of Perenco
Gbite Falade, CEO of Aradel
Oladapo Filani, CEO of Waltersmith Petroman Oil Limited
Tony Attah, CEO of Renaissance Africa Energy Company
Anthony Adegbulugbe, Chairman of Green Energy International Limited
Julius Rone, Group Managing Director&CEO, UTM Offshore Limited
Kola Karim, CEO of Shoreline
Edson R dos Santos, CEO of Etu Energias
Anabela Marcos, CEO of SONILS
Phuthuma Nhleko, Chairman, Tullow
Cobie Loper, SVP: Operators and Geographical Sales, NOV
Jorge de Morais, CEO of Kaeso
Gil Holzman, President&CEO, Eco Atlantic Oil&Gas
Hasan Mutlu, Co-Founder, CS Oilfield
Chris Drage, Senior Vice President: Sales, PGS

There is still time to register your participation at the biggest energy event in Africa. Visit www.AECWeek.com or contact register@aecweek.com to secure your place at this highly-anticipated event.

Distributed by APO Group on behalf of African Energy Chamber.

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org) is thrilled to announce that nominations are officially open for the 2024 AWIEF Awards. This prestigious event celebrates the incredible achievements and contributions of women founders and entrepreneurs across Africa. The AWIEF Awards honor those who drive inclusive economic growth and development through their visionary leadership and innovative business practices.

AWIEF is a renowned pan-African organization dedicated to empowering women economically by closing gender gaps and promoting business leadership and entrepreneurship across the continent.

Why Nominate?

Nominees for the AWIEF Awards should be emerging and established female entrepreneurs who have demonstrated outstanding vision, leadership, innovation, and business success. This is your chance to shine a spotlight on the incredible women making a difference in their industries and communities.

Categories

Young Entrepreneur Award: For exceptional young female entrepreneurs (ages 18-35) who have built successful and sustainable enterprises.
Tech Entrepreneur Award: Celebrating women who have leveraged technology to drive innovation and achieve significant impact.
Agri Entrepreneur Award: Honoring leaders in agriculture who contribute to food security and environmental sustainability.
Creative Industry Award: Recognizing excellence in film, music, entertainment, arts, fashion, and media.
Empowerment Award: For women who have made a profound impact in mentoring and empowering others.
Energy Entrepreneur Award: Highlighting achievements in the oil, gas, and renewable energy sectors.
Social Entrepreneur Award: For those who have developed innovative solutions to social issues.
Lifetime Achievement Award: Honoring women who have made enduring contributions across multiple areas or disciplines.

Save the Date

The 2024 AWIEF Awards winners will be celebrated at a spectacular awards ceremony and gala dinner on November 29, 2024, at the Cape Town International Convention Centre (CTICC), Cape Town, South Africa. This event will cap off the AWIEF2024 conference, which takes place on November 28-29, 2024.

How to Nominate

Visit our nomination landing page (https://apo-opa.co/3x1CBrC).
Register an entrant profile by clicking “Submit an Entry.”
Fill in the nomination form.
Click submit.

Nominations close on August 5, 2024, at 11:59 PM GMT. You can nominate yourself or someone else.

Judging

Entries will be evaluated by an esteemed panel of international judges.

Join Us

This is your chance to be part of a movement that recognizes and celebrates the incredible women entrepreneurs transforming Africa. Let’s honor those who lead with innovation, inspire with their achievements, and empower their communities.

For more details and to see past winners, click here (https://apo-opa.co/4e6SYno). For any inquiries, please email us at awards@awieforum.org

Don’t miss this opportunity! Nominate now and be part of the change!

Distributed by APO Group on behalf of Africa Women Innovation and Entrepreneurship Forum (AWIEF).