Paul Dailly, former SVP, Kosmos Energy and now Independent, addressed the guests at the Big 5 Board Awards on the importance of the oil and gas exploration sector for Africa
He opened his address by saying "investment and talent" are essential to success in Africa, adding that while there had not been "a great set of results" from many new African plays, the global markets will turn back to the continent as the demand for energy continues to grow.
"The shale revolution only has so much capacity," Mr Dailly said. "It's time to turn the corner on reinvestment with the seismic market growth as a leading indicator."
He welcomed a return to the frontiers of Africa with drilling returning to many areas "for the first time in two or three years".
Mr Dailly cited Senegal and Mauritania as two markets to watch for opportunities in hydrocarbons developed. In regard to Senegal and Mauritania, he said the agreement between the two countries for sharing the resources of the Tortue field was completed quickly and it represents "a big step forward" for companies such as BP and Kosmos to reach FID stage.
He added that he was encouraged by activity in Namibia, Gabon, Morocco and South Africa and praised supermajors for "really quietly rebuilding portfolios" across the continent.
"Commitment and curiosity will pay off for these companies," Mr Dailly told the guests.
FLNG was raised as a "theme for the future", according to Mr Dailly, with Cameroon's Golar FLNG starting commercial operations, and Angola, Egypt and Nigeria working towards that goal.
"The fundamental" question is: how do we ensure future success?" he said in his concluding remarks. Investment in data and people and encouraging an exploration culture where frontier plays are opened up and companies develop the skills of successful frontier explorers.
"We need to take geoscientists and turn them into oil finders," Mr Dailly said. "They need to be confident with old and poor datasets ... and open to new ideas, with a willingness to revisit old assumptions."
He called for "organisational patience and the long-term view" to unlock the potential of Africa.
"If successful, we can create wealth and jobs in and out of Africa."