OIL & GAS
Nigerian Entrepreneurs Access Investment Opportunities In Africa’s Leading Energy Markets
The African Energy Chamber (AEC) organised the Invest in African Energies roadshow in Lagos on June 25, which brought together over 250 Nigerian entrepreneurs and investors interested in opportunities in Africa’s oil and gas and energy sectors.
Nigeria has the most indigenous service companies, which account for more than 75% of service demand in Nigeria’s oil and gas industry and are poised to drive Nigeria’s upstream resurgence while also providing technical expertise to other African oil and gas markets.
The Invest in African Energies roadshow, which preceded the African Energy Week: Invest in African Energy 2024 conference in Cape Town in November, provided a strategic platform for Nigerian companies to engage with stakeholders from other countries and explore regional and pan-African expansion opportunities.
Verner Ayukegba, Senior Vice President of the AEC, stated that Nigerian companies have the financial strength and expertise to capitalise on opportunities in Africa’s energy sector. We at the African Energy Chamber support this and see it as a win-win for all parties involved.”
He reiterated the AEC’s role in attracting and driving investment across Africa’s entire value chain.
AEW: Investing in African Energy
www.aecweek.com is the preferred platform for project operators, financiers, technology providers, and governments, and it has established itself as the official place to sign African energy deals.
Africa Global Logistics, a major logistics and port operation player, participated in the roadshow after being awarded the contract to oversee operations at Namibia’s Walvis Bay multipurpose bulk terminal, which supports oil and gas activities such as rig maintenance and repair work. Namibia is currently planning a $2.1 billion port expansion project to enable oil and gas development, which will provide additional opportunities for Nigerian and global investors.
Within West Africa, Ivory Coast seeks upstream investment and technical expertise from established producers such as Nigeria. The country made headlines earlier this year after Eni discovered light oil and gas at the Murene-1X exploration well, which is estimated to contain 1.5 billion barrels of oil equivalent. Eni’s previous discovery, the Baleine field, was quickly put into production last August and is expected to produce 200,000 barrels per day by 2027, making it Africa’s first net-zero emissions project.
“Eni is currently the largest investor in oil and gas in the African subcontinent. They are investing approximately $6 billion in Ivory Coast, and they made a discovery,” said Dr. Nosa Omorodion, SLB Executive Director, Nigeria and West Africa, during the roadshow.
Senegal and Mozambique, two of Africa’s fastest-growing LNG markets, have high demand for Nigerian oil and gas services. BUA Group, an indigenous company in Nigeria, is leading the development of a 700-ton-per-day mini-LNG project as part of its strategy to diversify its portfolio and capitalise on its position as one of Africa’s largest food, mining, manufacturing, and industrial conglomerates.
Meanwhile, Shoreline Energy International manages a diverse asset portfolio in Nigeria, Liberia, Ghana, Uganda, and Angola, with a focus on EPC services for the oil and gas industry, power generation solutions, construction, and ICT infrastructure. The company’s customised power solutions could be used in new markets seeking energy security and sustainable development.
Kola Karim, CEO of Shoreline Energy International, stated, “Seeing different players in the oil and gas industry in the room only confirms the value of the AEC to the sector while building the ecosystem to support it.”
Adelaar Energy, a Nigerian full-stream energy exploration and production company, also took part in the roadshow, advocating for increased gender inclusion and women’s advancement in Africa’s energy industry. The female-led company, which operates in engineering, procurement, consulting, and services, aims to empower female energy professionals in both mature and emerging markets through training and education, mentorship programmes, coaching and sponsorship opportunities, and other gender equality initiatives.
“Seeing more women working together in the energy sector and not being afraid to join forces with the male-dominated industry, sharing their unique perspectives and expertise to drive innovation and progress.” Together, they are breaking down barriers, shattering glass ceilings, and creating a more inclusive and sustainable energy future for all, said Grace Orife, CEO of Adelaar Energy and a member of the AEC Board.
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