African Energy Week 2021 Holds Transformative NOC Summit
Oil and gas continues to play a critical role in the development of the African continent. With many resource rich countries looking to expand exploration and accelerate production across multiple sectors, Africa is rapidly becoming a global competitor, capturing the attention of international investors and stakeholders. African Energy Week (AEW) 2021 builds on this momentum, offering a suitable platform for enhanced dialogue between Africa’s National Oil Companies (NOC). Through an NOC dedicated summit that took place on the second day of the event, NOCs gathered to discuss the challenges and opportunities they face in the sector, providing the opportunity for the fostering of cooperation and partnerships and moving the continent into a new era of integration and collaboration.
One of the primary objectives of the NOC Summit was to enable Africa’s NOCs to come together and form impactful relationships that will drive the continent’s energy growth. Chaired by Sonangol, the NOC of Angola, the Summit hosted the following NOCs: PetroSA; Central Energy Fund; the Strategic Fuel Fund; the Nigerian National Petroleum Corporation; Gabon Oil Company; Ghana National Petroleum Corporation; Empresa Nacional de Hidrocarbonetos; SONIDEP, Société Nationale des Pétroles du Congo; Namcor; Sonangas; Uganda National Oil Company; Petrosen; Nilepet; Sudapet; and the Gambia National Petroleum Company.
NOCs have taken on a more proactive role in Africa’s energy development, demonstrating that they serve as key drivers of expansion and progress. With many NOCs undergoing structural reforms and realigning industry targets, Africa’s NOCs are well positioned to drive investment and development. In this regard, AEW 2021 provided NOCs with the opportunity to network and form intra-African partnerships.
Specifically, the Summit enabled NOCs to discuss the value of collaboration and future opportunities; to share experiences within the oil and gas industry; and to propose and collaborate on key strategies regarding capital raising in a post-COVID, energy transition context. By engaging on key topics, Africa’s NOCs were able to charter a new way forward for the African energy industry, one that was based on cooperation and unity.
Split into two sessions, the NOC Summit first investigated NOCs in the energy transition era, while the second proposed an action plan, fostering cooperation among African NOCs. AEW 2021 was the first and only energy event to place collaboration among NOCs at the center of Africa’s energy plan. Rather than rely on international oil companies to advance the sector, AEW 2021 recognizes the role that NOCs will play in positioning the continent as a globally competitive energy industry.
Distributed by APO Group on behalf of Energy Capital & Power.