As the leading advocacy group for the majority of the companies and workers in Africa’s oil and gas sector, the African Energy Chamber has announced that the African oil industry continues to be strong and is rebounding well in the coming days
The rebound in global commodity prices has translated in renewed optimism and investment across the continent’s energy value chain, leading to improved policy dialogue and increased international investments across Africa’s energy markets.
The chamber notably partnered for the first time with Africa Oil & Power, whose third conference and exhibition was held in Cape Town from 5-7 September 2018.
The event attracted more than 800 delegates and investors from North America, Europe, Asia, the Middle East and Africa, and saw the participation of leading figures such as OPEC secretary general Mohammed Barkindo, former Zambian President Rupiah Banda and many leading African oil and power ministers, NOC’s, IOC’s and service companies.
To assist Senegal in the development of a business-friendly and robust regulatory framework, the chamber hosted a local content forum in Dakar on 13 September, during which Senegalese Prime Minister Mahammed Dionne reiterated Senegal’s commitment to welcome foreign investors and implement a 50 per cent quota of Senegalese content by 2030.
“The last two months have been record-breaking for the African oil and gas sector and the energy chamber,” declared the chamber’s executive chairman NJ Ayuk. “We saw a tremendous uptick in membership registration over the past two months alone from NOCs, IOCs and service companies and raised more than US$500,000 over that period.”
“I am proud that the majority of our fundraising and support comes from African energy companies which show the broad-based support of across Africa. This ensures that we are going to have the resources to advocate for an enabling environment when it comes to doing business in Africa and push for more deals that they have been traditionally excluded from.” Ayuk added.
The African Energy Chamber now intends to focus on the international exposure of Africa’s oil sector by taking its community and network across geographies, notably Russia and China.
