Energy firms to invest $260bn by 2028 __AEC
Sopuruchi Onwuka
Players in the global energy industry will spend significant $260 billion in the next five years, amplifying the need for the African petroleum provinces to attract fair share of the envisaged investment flow.
The African Energy Chamber stated in its State of African Energy 2024 report that the African continent requires to pool in substantial share of the investments in oil, natural gas and renewable energy.
Over the next five years, the AEC anticipates the industry spending would support millions of direct and indirect jobs and wages annually through 2028.
The AEC stated that it is hosting an Invest in African Energy and driving free enterprise in France for people who believe in the free enterprise values of individual initiative, hard work and freedom of choice.
The chamber stated that free enterprise and oil and gas, even with their flaws, have done more to improve human flourishing than any other economic and energy system. It called for greater investments in African Upstream activities.
The event which is scheduled for Paris is aimed to support foreign investments, private sector participation, and drive market liberalization of Africa’s energy with deal signings between international and African governments, private sector partners, energy stakeholders and investors.
Executive Chairman of African Energy Chamber, Mr NJ Ayuk, stated: “we will have a massive opportunity to showcase new exploration, discoveries and LNG Projects in Namibia, Ivory Coast, Senegal, Gabon, The Gambia, Sierra Leone, South Sudan, Angola, Libya, Cameroon, Equatorial Guinea, Congo, Uganda, South Africa, Nigeria, Mozambique and the Maghreb countries, while creating opportunities for other forms of energy like hydrogen, nuclear and new renewables, as the continent seeks to maximize its energy mix and developments to achieve a just transition.”
“Invest in African Energy will feature a series of projects and dealmaking opportunities, panels and discussions that will address key domestic and international oil, natural gas, renewable and clean energy developments and topics,” he added.
