Nigeria, Libya, and Angola are set to spearhead a forecasted $58 billion investment influx into Africa’s oil and gas upstream sectors, highlighted at the African Energy Week (AEW) 2024 in Cape Town. The event, themed “Making Energy Poverty History by 2030,” emphasized the continent’s critical role in addressing global energy needs, Nigeria’s new licensing bid round, and regulatory reforms by President Bola Tinubu spotlighted as growth drivers. Energy majors are also preparing for fresh exploration in Libya and Angola, with both countries enhancing their frameworks to attract investment.
Despite holding 12% of global oil reserves and 7% of natural gas, Africa faces severe energy poverty, with over 600 million people lacking electricity access. The continent’s leaders, including Nigeria’s Minister of State for Petroleum, Heineken Lokpobiri, underscored the importance of self-reliant energy development, urging African nations to collaborate on securing financing and creating frameworks for a sustainable energy future. The establishment of the Africa Energy Bank by APPO is a crucial step toward funding these efforts.
Industry experts and government representatives, including Angola’s and Gabon’s ministers, echoed the call for deep offshore exploration and field development in emerging areas like Namibia. Representatives from major firms like Chevron noted Africa’s unique potential, committing to a multi-energy strategy that balances oil and gas production with sustainability goals. Africa’s strategic, self-driven transition aims to harness these resources for long-term energy security and economic growth across the continent.
