The African Energy Chamber, together with the International Association of Drilling Contractors (IADC) Nigeria Chapter and the International Association of Drilling Contractors (IADC), hosted an African Exploration webinar which analysed the future of African exploration projects
The webinar discussed the ways to create better enabling environments to do business, as well as formulating innovative measures to create an inclusive industry that represents women and the youth.
As many African projects experience force majeure, others have seen slight delays across the upstream and midstream sector, resulting in job losses across the board. Irrespective of the difficult circumstances, the oil and gas industry remains the backbone of most African countries.
Oil producing countries such as Nigeria, Angola or Congo continue to face the hardship of these repercussions. While Nigeria has been a strong advocate for the adoption of economic models to make doing business easier and foster opportunities that allow for collective growth, there still is much to be done by government and advisory boards across the industry.
In terms of local policy development and the expansion of energy infrastructure, the panel had much to say about government playing their role in influencing a successful environment post-COVID-19. Other major highlighting points that arose of the webinar spoke to the need of encouraging youth and women participation, and the need to engage in joint ventures and understand markets well-enough to provide the right kind of data for investors. It is clear that there is light underneath the tunnel for Africa with all its progress, providing the right incentives are granted and the right policy reforms are adopted.
Closing remarks from all panelists focused on the many opportunities that exist in natural gas, especially after COVID-19. Given the complexity of Africa and its challenges, environmental programs can seek to empower nations across the continent and advance existing matters through the use of science and data to enable the role of investment and open up local content opportunities which leads to the road of sensible regulations, business engagements and other areas alike.
