As climate policies evolve and global competition intensifies, US investors are set to play a critical role in driving the sustainable development of Africa’s energy sector through technology, technical expertise and capital. Addressing these dynamics head-on, African Energy Week (AEW): Invest in African Energy 2024 will host a US-Africa Partnerships Roundtable, a crucial forum dedicated to amplifying collaborative efforts between the US and Africa in the oil and gas and energy space.
The roundtable will explore strategies for strengthening US-Africa partnership in technology, policy and investment, maximizing joint benefits such as expanded market access, enhanced energy security and innovation through joint ventures. By forging more resilient partnerships, both regions aim to propel energy projects and sustainable development. While African markets stand to gain from US capital and technical expertise, US companies will also benefit from bringing new crude oil and LNG capacity online and shaping the energy transition trajectory of Africa and the broader Global South.
AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.
Historically, US explorers have played a leading role in Africa’s mature oil and gas markets. In Angola, Chevron holds a 26% market share through flagship assets in Blocks 0 and 14 and recently signed two risk service contracts for Blocks 49 and 50 in Angola’s Lower Congo Basin, marking its first operated assets outside of the Cabinda concessions. ExxonMobil recently completed drilling at the Likember-01 research well in Block 15 offshore Angola and is poised to invest $15 billion to develop potential discoveries in the Namibe Basin through 2030. The US has also committed $360 million to the Lobito Corridor development project, which aims to facilitate the export of critical raw materials from the Democratic Republic of the Congo and Zambia through Angola’s Port of Lobito to US buyers.
In Nigeria, Chevron is expanding its investments in deepwater projects and acquired a stake in OPL 215 offshore the Niger Delta at the start of this year. Chevron's new era of deepwater development in Nigeria includes signing a 20-year renewal of three deepwater leases, conducting seismic data acquisition on several deepwater blocks, expanding the prolific Agbami field project and launching a $1.4-billion infill drilling program from 2022-2026 in the shallow offshore and onshore Escravos area.
American multinational ConocoPhillips is another active player in Africa’s upstream sector, recently increasing production from the Al Waha oil field in Libya by 40,000 barrels per day (bpd), following infrastructure and operational upgrades. Last month, ConocoPhillips announced its acquisition of US independent Marathon Oil, which includes an integrated gas business in Equatorial Guinea, along with interests in the producing Alba Field and offshore Block D. Equatorial Guinea has long attracted a wide range of American explorers, including Kosmos Energy, which holds interests in the Ceiba Field and Okume Complex in Block G, where the company is currently drilling two infill wells to add 3,000 bpd by year-end.
American companies are also leading Africa’s frontier oil and gas markets. ExxonMobil is spearheading the $2.3-billion Rovuma LNG project in Mozambique, expected to be one of the world’s largest LNG ventures with an annual capacity of 18 million tons. Meanwhile, Baker Hughes has deployed advanced maintenance solutions and innovative technologies to the Greater Tortue Ahmeyim (GTA) LNG project in Senegal-Mauritania, which foresees first gas production this year, as well as recently secured a contract for a gas-boosting project in Algeria’s Hassi R’Mel gas field. Kosmos Energy plays a key role in Senegal as a partner to the GTA LNG project, and is also developing an offshore LNG facility for the Yakaar-Teranga project focused on delivering cost-competitive gas.
“Heightened energy sector collaboration between the US and Africa represents a strategic opportunity to leverage the expertise of American operators, investors, technology, and service providers. These partnerships will not only stimulate drilling activities, yield new discoveries and strengthen production infrastructure, but also empower local economies, creating a domino effect of socioeconomic benefits across the continent,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.
The US-Africa Partnerships Roundtable at AEW 2024 promises to be a pivotal event, marking expanding relations between the US and African nations in advancing mutual energy goals and sustainable development.
Distributed by APO Group on behalf of African Energy Chamber.
Source: Apo-Opa
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