In 2022, it is imperative that Africa prioritizes regional cooperation and collaboration if the continent is to achieve its goal of eradicating energy poverty by 2030. For producing and non-producing countries, tackling together in the energy crisis will not only ensure that all of the continent has access to electricity, but that a new era of socio-economic growth is ushered in, an era that brings new levels of job creation, industrialization and energy security.
In pursuit of regional cooperation, the African Energy Chamber (AEC) is proud to officially endorse the upcoming Central Africa Energy Business Forum (CABEF), to be held September 8-9, 2022 in Doula, Cameroon. Under the theme “Building oil and gas infrastructure to end energy poverty in Central Africa by 2030”, this year’s edition of CABEF will bring together energy stakeholders and policy makers from the sub-region from Central Africa to discuss the challenges and opportunities in the region’s booming hydrocarbon sector. .
With huge oil and gas resources, the countries of the Central African Economic and Monetary Community (CEMAC) have exceptional energy production potential. However, due to aging infrastructure and low levels of investment across oil and gas value chains, energy access rates in the region have remained low and economic growth limited. In 2022, as the CEMAC countries aim to reverse this trend, forums such as CEBAF 2022 will be essential, as it represents the best platform where discussions will be held on how to stimulate investments for an exploration and optimal oil and gas production and eliminate energy poverty. once for all.
While boosting regional cooperation is essential, the lack of adequate investment across the oil and gas value chain, as well as the unproductive and investment-disincentive foreign exchange rules introduced by the Bank of States of Central Africa continue to restrict energy trade and monetization, as well as the flow of energy investment in the region. If left unaddressed, these policies will prevent meaningful progress in eliminating energy poverty. With CEBAF 2022 being the official meeting place where regional energy leaders can discuss challenges such as those these policies bring, the AEC strongly advocates for the review of these policies to ensure sustainable development and trade. cross-border energy resources.
“With CEMAC countries aiming to achieve universal electricity access and energy independence and security, the region’s vast yet untapped oil and gas resources not only provide an opportunity to achieve these goals, but will be key to improving regional energy security and socio-economic growth,” says NJ Ayuk, Executive Chairman of the AEC, adding that “CABEF presents an ideal platform where CEMAC leaders can discuss energy agreements. investment with continental and international parties, paving the way for industry growth and optimal use of local resources for GDP growth. We hope to see discussions on improving cooperation between countries. of the CEMAC to overcome the main obstacles to the energy sector, in particular the lack of financing and the gaps in terms of infrastructure in the sect upstream, intermediate and downstream ers.
With Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea, who launched the historic Central African Pipeline System (CAPS) during MSGBC Oil, Gas&Power 2022 last week, a new era of regional market growth looms on the horizon. For mature producers such as the Republic of Congo and Equatorial Guinea, CAPS will connect these countries to regional markets, while for emerging producers such as Gabon, Cameroon, Central African Republic and Chad, the opportunity to exploit new reserves while strengthening their own hydrocarbon exports. With the introduction of CAPS – which is expected to be presented to CABEF by the relevant energy ministers – new opportunities for job creation, increased youth participation and the involvement of local service companies await.
“It is imperative, now more than ever, to have a region with a pipeline. CAPS aims to do just that, connecting the resource-rich region while providing new opportunities for young people in the energy field. For CEMAC and the African continent as a whole, improving youth participation will be key to addressing energy poverty and boosting socio-economic growth,” Ayuk continued.
The opportunities introduced by CAPS will only be stimulated by all the oil companies active in the region.
Regional and international players such as TotalEnergies, ExxonMobil, Perenco, bp, Vaalco, Eni, BW Offshore, Kosmos Energy, Tower Resources and Chevron, already well established in the region, represent key partners for regional producers. Conducting exploration campaigns, bringing new production platforms online while improving infrastructure development and exports, these companies have and continue to strengthen the Central African energy sector. Today, as the region consolidates its position as a leading oil and gas market, the continued engagement of these companies will be key to unlocking the future of Africa’s energy sector.
Distributed by APO Group for the African Energy Chamber.