The African Energy Chamber calls for the industry to stand against growing opposition from western agencies undermining the economic growth potential presented by Africa’s oil and gas industry.
Africa’s oil and gas industry is facing increasing opposition from environmental groups and financial institutions seeking to undermine its potential, says the African Energy Chamber (AEC).
$1.28B ExxonMobil-Seplat Deal Gains AEC Support, Signaling Nigeria’s Commitment to an Enabling Environment
Several banks and financial institutions implementing policies aimed at reducing support for fossil fuel projects have led to a sharp decline in investment in Africa’s oil and gas industry, a sector that is crucial for its economic future and energy needs.
Angola plans to maintain oil production at 1.1 million barrels per day (bpd) until 2027, thereafter increasing output to over 2 million bpd to stimulate economic growth. As the linchpin of the economy, Angola’s oil and gas industry has seen aggressive reform since 2017, with the government’s continuous competitive focus guaranteeing attractive fiscal and contractual terms for investors. As such, the African Energy Chamber (AEC) is calling on global E&P companies and technology providers to invest in Angola, as one of Africa’s largest producers and a growing regional production hub.
Natural gas estimated at $1 billion and capable of powering millions of households was flared in Nigeria last year, according to BusinessDay findings.
The African Energy Chamber (AEC) (www.EnergyChamber.org), serving as the voice of the African energy sector, recently conducted a working visit to Ghana, meeting with key institutions and stakeholders to discuss the state of play of the country’s oil and gas sector.