Oil & Gas
With both African Petroleum Producers Organization, APPO, and the AEC committed to making energy poverty history by 2030 on the back of sustainable hydrocarbon development, African Energy Week will serve to advance this objective
THE African Energy Chamber (AEC) is excited to announce that Omar Farouk Ibrahim, secretary general of the African Petroleum Producers Organization (APPO), will deliver a keynote address at the 2023 edition of the African Energy Week (AEW) conference and exhibition, scheduled for October 16-20 in Cape Town. During the conference, H.E. Dr. Ibrahim will promote sustainable hydrocarbon development, leading discussions around the intersection of energy security and transition strategies while facilitating cooperation between global investors and African petroleum producers.
Since its establishment in 1987, APPO has played an instrumental role in facilitating the development of Africa’s petroleum resources in a sustainable manner, promoting socioeconomic growth across the continent. With a role to provide a forum for its member countries to exchange information and experiences related to the exploration, production, and marketing of petroleum products, the organization has assisted countries with addressing the challenges to hydrocarbon development. Through the promotion of the harmonization of policies and regulations with the aim of attracting investment, regional integration and cooperation, as well as sustainable development practices in line with energy transition ambitions, APPO continues to drive economic progress across the continent.
In 2023, Africa’s oil and gas industry is on the precipice of rapid transformation owing to a series of developments covering the entire energy value chain. On the upstream front, a series of sizeable discoveries made in frontier basins such as Namibia, Ivory Coast and Uganda as well as mature markets such as Angola, Nigeria and Congo have opened up new opportunities for supply stability and security. Downstream, critical infrastructure projects such as the East African Crude Oil Pipeline in Uganda; three refinery developments in Angola; the Central African Pipeline System – spearheaded by APPO; and the various export-import terminals currently under construction continent-wide are set to strengthen intra-African petroleum trade and monetization. However, these developments are just the start, and APPO continues to call for the increase in investment in African oil and gas.
With 15 member countries, APPO has taken great strides towards facilitating investment, improving the regulatory and business environment while supporting the sustainable development of oil and gas in Africa, for Africa. Despite the global paradigm shift in energy away from hydrocarbons to renewables, APPO continues to make a strong case for the utilization of oil and gas in Africa, recognizing that over 600 million people lack access to electricity while over 900 million lack access to clean cooking solutions. Recognizing that Africa faces the worst impacts of the climate crisis, APPO advocates for an Africa-centric energy transition, one that takes into consideration energy security objectives. In this scenario, the organization has made considerable efforts to strengthen financing and technological transfer in Africa, creating a financing arm – the Africa Energy Investment Corporation – to support member countries in their pursuit of large-scale developments. More recently, the organization signed an MoU with the African Export-Import Bank for the creation for a multi-billion-dollar energy bank, the African Energy Transition Bank.
Speaking during AEW 2022, Ibrahim stated, “Since the traditional financiers of oil and gas projects in Africa announced their commitment to ending fossil fuel financing in Africa, we have become very worried. Our economists and financial gurus have mostly failed us and the cost of this failure is easy to face. Capital can be found in many other places, including our own so-called poor countries. It is a matter of prioritizing our expenditure. Africa must begin to take its own destiny into its own hands. We cannot leave over 125 billion barrels of oil and 620 trillion cubic feet of gas stranded.”
“During AEW 2022, Ibrahim spoke about the need to create African financial solutions in order to accelerate hydrocarbon development in Africa. This fact remains true in 2023 and we are excited to see developments such as the African Energy Transition Bank unfold. Ibrahim continues to be instrumental in driving the continent into a new era of energy security and resilience and we look forward to having him as a keynote speaker at AEW 2023. Ibrahim represents an individual who has, time and time again, demonstrated him commitment to the continent and its people. At AEW 2023, he will play an instrumental part in facilitating investment, driving deal-signings and ensuring the success of Africa’s energy future,” states NJ Ayuk, executive chairman of the AEC.
Under a mandate to promote cooperation in the field of hydrocarbons while utilizing petroleum as a catalyst for energy security, APPO’s objectives align with that of the conference, with AEW 2023 centered around making energy poverty history by 2030. Following a series of successful editions that preceded it, this year’s edition promises to be even bigger and better than before, advancing deal-signing and networking opportunities while discussing the most pressing matters facing the continent today.
A.Tags: African Energy Chamber H.E. Dr. Ibrahim Omar Farouk Ibrahim