Oil & Gas Vital for Africa: AEC Seeks Industry Support to Defend Market
The African Energy Chamber (AEC) has called for the oil and gas industry to stand against growing opposition from Western agencies that are undermining the economic growth potential of Africa’s hydrocarbon sector. With over 600 million people lacking access to reliable energy, the development of Africa’s oil and gas resources is critical for improving energy access, driving industrialization, and achieving sustainable development.
| Source: African Energy Chamber |
Despite its potential, Africa’s oil and gas industry faces increasing resistance from environmental groups and financial institutions. The AEC, serving as the voice of the continent’s energy sector, is advocating for the industry’s role in eradicating energy poverty and advancing local content initiatives that benefit African communities.
Challenges to Africa’s Oil and Gas Projects
Several key projects aimed at boosting Africa’s energy sector have faced significant opposition. For example, Shell’s seismic survey campaign off South Africa’s Wild Coast, which aims to unlock untapped oil and gas resources, has been met with resistance. Similarly, the East African Crude Oil Pipeline, a project designed to enhance energy security and economic development, has also encountered challenges.
The AEC is working tirelessly to connect African energy prospects with global investors, ensuring that the continent’s resources are developed to their full potential. Through platforms like the African Energy Week (AEW): Invest in African Energies conference, the AEC is driving investment, advancing oil and gas projects, and advocating for Africa’s interests in global energy affairs.
African Energy Week 2024: A Platform for Growth
Under the theme Positioning Africa as the Global Energy Champion, the 2024 AEW conference facilitated transformative deals, including a $16.8 million loan from the African Export Import Bank to support crude oil evacuation in Nigeria and a $10 million trade finance agreement with Dorman Long Engineering. The Republic of Congo’s National Oil Company SNPC also partnered with its Azerbaijan counterpart to enhance the CORAF Refinery.
Building on this momentum, the 2025 AEW conference aims to unlock even more investment and collaboration. The event will bring together global financiers and African stakeholders to advance energy projects, eradicate energy poverty, and support local content initiatives.
A Call to Action: Defending Africa’s Energy Future
“Oil and gas development is the cornerstone of Africa’s socioeconomic progress,” said NJ Ayuk, the Executive Chairman of the AEC. “We must be firm in our commitment to Drill Baby Drill policies that will encourage more investment in our continent. Africa needs more drilling, licensing rounds, fast-track permitting, reduced taxes for oil and gas projects, and a united front against external efforts undermining the continent’s growth.”
The AEC remains committed to empowering Africans, driving local content development, and showcasing the continent’s vast energy potential. With fossil fuels projected to account for over 60% of Africa’s energy mix by 2040, the development of hydrocarbon resources is essential to meet the continent’s growing energy demands.
As the AEC continues to advocate for Africa’s energy sector, it calls on industry stakeholders to stand together in defending the continent’s right to develop its resources and transform lives across Africa.