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Promoting East Africa as the Top African Exploration Market

JOHANNESBURG, South Africa, APO Group/ — Coming to African Energy Week (AEW) 2021 in Cape Town on the 9th-12th of November, leading East African producers are committed to emphasizing the region’s significant upstream investment opportunities, networking with African ministers from across the continent, key international stakeholders, and both international and national oil companies from Africa’s top energy markets.

Somalia and South Sudan Commit to African Energy Week in Cape Town

 East Africa represents an incredibly promising hydrocarbon region in Africa, and by coming to Africa’s premier energy event – which is fully endorsed by the South African Government -, the region will both contribute to and drive the conversation on oil and gas exploration in Africa.

Leading the way among the East African producers, written speaker commitments have been made by Uganda, Kenya, Somalia and South Sudan, with Ministers and government representatives all coming to Cape Town in November. Focused on positioning the region as the primary investment destination regarding upstream exploration, the East African producers are ready to take their seat at the global energy table.

The region has significant upstream opportunities, with leading energy markets coming to Cape Town to partner with international oil companies (IOCs) and stakeholders. Kenya, for example, with its recent sizeable discoveries made by Tullow Oil in the Lamu Basin and commercial deposits identified in the Lokichar sub-basin – estimated at 4 billion barrels of oil of which 750 million is commercial – has placed exploration at the forefront of its energy developmental agenda. With four sedimentary basins, and the active presence of notable IOCs including BP, Shell, TotalEnergies, Africa Oil Corporation and Chevron, the country is focused on capital raising to enhance its exploration.

Additionally, Somalia, with seismic data revealing the potential of billions of barrels of oil and similarly commercial deposits of natural gas, has placed exploration as a top priority for energy sector growth. The country’s relatively unexplored basins prove a captivating destination for global explorers, and Somalia is keen to take advantage of the growing interest by investors. Accordingly, the country will launch its bid licensing round at AEW 2021 in Cape Town, with the aim of accelerating production and reaffirming the country’s standing as the world’s final hydrocarbon frontier. With a newly set up Somali Petroleum Authority – established to regulate the development of the oil sector – and the implementation of a revised Petroleum Law, Somalia is positioning itself as a stable, high-opportune hydrocarbon market in 2021 and beyond and H.E. Abdireshid Mohamed Ahmed, Somalia’s Minister of Petroleum and Mineral Resources, will promote this at AEW 2021 in Cape Town.

Meanwhile, Uganda is rapidly becoming an East African hydrocarbon competitor. With 6.5 billion barrels of proven crude oil reserves and 0.5 tcf of natural gas, the country is aggressively pursuing sustained energy sector growth with the aim of driving socio-economic development on a regional basis. In response to the discovery of sizeable hydrocarbon reserves, the country has seen an influx in new project developments. Notably, developments such as the Lake Albert project – expected to deliver a total production of 230,000 barrels per day – and the East Africa Oil Pipeline project are expected to significantly scale up investments in the East African country. Coming to AEW 2021 in Cape Town, Uganda will provide insight into future opportunities and impactful projects, while positioning itself as a leading East African producer.

Finally, with Hon. Puot Kang Chol, South Sudan’s Minister of Petroleum coming to Cape Town, exploration opportunities in the country will be introduced to key regional and international stakeholders. As one of the fastest growing frontier markets in Africa, with the third-largest oil reserves in sub-Saharan Africa – measured at 3.5 billion barrels – and nearly 90% of its reserves untapped, the country holds significant opportunities for global explorers. Since its renewable peace agreement, the country has prioritized the expansion of its oil and gas sector, with a specific focus to offset declining reserves in aging oilfields. By incentivizing exploration with the launch of a 14-block licensing round in early 2021, South Sudan is not only competing with other leading African energy markets, but is rapidly out-competing them.

The East African region serves as an example of how regional collaboration can fast-track energy expansion and drive socio-economic growth. With developments such as the Lamu Port and Lamu-Southern Sudan-Ethiopia Transport Corridor Project (LAPSSET) and the East African Oil Pipeline, regional connectivity and energy access will be increased on a large-scale basis, enabling multiple East African countries to benefit from neighboring resources.

AEW 2021 is committed to enhancing regional energy growth in Africa. The Cape Town conference refuses to misrepresent the speaker and delegation commitments made by African Ministers, IOCs, NOCs, or industry executives. All speaker announcements have been confirmed with written letters from the relevant individuals and delegations.

As Africa’s premier energy event with a sole mandate to make energy poverty history by 2030, AEW 2021 believes in integration, collaboration, and partnerships, and boasts a diverse and high-level speaker panel that will lead the discussion on Africa’s energy future. The event represents every region in Africa, and aims to accelerate oil and gas investment, while ensuring the continent makes significant progress in its transition to cleaner energy sources.

Source: APO

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