Oil & Gas: AEC set to maximise investments, holds 2023 African Energy Week in Cape Town

*The African Energy Chamber announces the African Energy Week 2023 is a platform where the entire hydrocarbon ecosystem of Africa will be discussed and optimised, build on discussions held, agreements signed, partnerships formed, and relationships cemented in 2022 to maximise energy investments across the continent’s energy base

Gbenga Kayode | ConsumerConnect

The African Energy Chamber (AEC) has disclosed its next African Energy Week (AEW) Conference and Expo, holding October 16-20, 2923, in Cape Town, South Africa, will bring together African energy policymakers, companies and investors with global partners to address oil industry challenges and gas sector of the continent and take the opportunities.

ConsumerConnect reports the AEW is regarded as a veritable platform for exploring and investing in Africa’s energy future while driving an enabling environment on the continent.

The African Energy Chamber – the voice of the African energy sector, is proud to announce that African Energy Week, Africa’s premier event for the oil and gas sector, will return in 2023 from 16 to October 20 to boost the growth of Africa’s energy sector and end energy poverty on the continent by 2030.

Objectives of AEW 2023

The Chambers in a recent statement said after a successful 2022 edition, AEW 2023 – the official venue, where the entire hydrocarbon ecosystem of Africa would be discussed and optimised, would build on discussions held, agreements signed, partnerships formed, and relationships cemented in 2022 to maximise energy investments across the continent’s energy base while paving the way for free markets and increased private sector participation in the expansion of the energy sector.

NJ Ayuk, Executive Chairman of AEC, noted that the forum would bring together African Presidents, Ministers, public and private sector representatives, energy companies and investors as well as global partners.

He stated that AEW 2023 is the official meeting place where energy market players energy of the continent can meet, inspire each other, and continue to create an enabling environment to optimise energy investments for a secure energy future.

Investments in fossil fuels for prosperity

Ayuk said: “We will sign more agreements this year.

“Investments in fossil fuels, including oil and gas, by developed countries, including G20 members, increased by 16 percent to $693billion in 2021.”

According to him, penetration in Africa has been and continues to grow, hampered by the policies related to the energy transition implemented by some of these countries.

Energy shortages and high fuel prices

Yet, the continent suffers heavily from chronic energy shortages and high fuel prices, stated he.

In view of this, the AEC said the AEW 2023 would promote Africa as a global destination for investment in the energy sector and address the continued underinvestment and difficult financial conditions in the African market.

It further noted that AEW 2023 aims to ensure that Africa reduces its over-reliance on external finance and energy imports while meeting its growing energy needs by harnessing local resources.

AEW 2023 will focus on the role of Africa’s hydrocarbon resources in improving energy access and socio-economic development on the continent, the AEC stated.

The AEC Executive Chairman also noted, that through high-level roundtables, networking forums, technical workshops, one-to-one meetings, project launches, technology, partnerships, and more, AEW 2023 would explore the needs in terms of deals, agreements and policies for Africa to maximise the exploitation, development and monetisation of its oil and gas resources for energy mix diversification, job creation, industrialisation and energy security.

Ayuk said: “The Chamber is proud to host AEW 2023 in partnership with industry players and government officials as part of our efforts to continue to fight for Africa’s energy independence and security.

“With the number of people living in energy poverty in Africa continuing to rise, we believe that Africa needs to harness its entire energy base, including oil, gas, hydropower and renewables, to emerge from the poverty and underdevelopment.”

About African Energy Week

AEW 2023 is the AEC’s annual conference, exhibition and networking event.

The 2023 event brings together African energy sector stakeholders with international investors and partners to drive industry growth and development and promote Africa as a destination for energy investment.