In a move set to redefine the energy dynamics of the African continent, Afreximbank and the African Petroleum Producer Organisation (APPO) are poised to launch the African Energy Bank (AEB). This groundbreaking initiative aims to catalyze the advancement of oil and gas projects across Africa, thereby fostering the continent’s socio-economic development.
African Energy Week (AEW) 2023 Unites Key Players During Invest in Angola Energies Spotlight Session
The 2023 edition of the biggest gathering of energy stakeholders and policymakers on the continent, African Energy Week (AEW) – organized by the African Energy Chamber (http://www.EnergyChamber.org) – featured a country spotlight roundtable on Angola, showcasing the country’s abundant reserves and favorable business environment.
Altera Infrastructure has been awarded contracts for the redeployment of the FPSO Voyageur Spirit and the shuttle tanker Nordic Brasilia for the Baleine Phase 2 project, located offshore Ivory Coast.
Africa is yet to see anything close to a full return on its massive oil and gas resources. With one-third of the continent – almost 500 million people – still having no access to electricity, ending energy poverty across Africa is among the planet’s most urgent challenges.
The oil and gas industry is essential to solving current global energy challenges, including playing a “critical” role in scaling up renewable energy, Cop28 President-designate Dr Sultan Al Jaber has said.
Natural gas has been dubbed the ‘fuel of the future’ in Africa, largely due to its availability and sustainability. With over 620 trillion cubic feet of proven gas resources across the continent, the development of the industry offers newfound opportunities for Africa to tap into an alternative energy supply.
Dr. Matthew Opoku Prempeh, Energy Minister, says Ghana is taking the necessary steps to gradually switch from the use of fossil fuels to carbon-free and renewable energy sources.
The new Act confirms that Africa is taking control of its own resources and setting the agenda for how they will be deployed.