Africa’s energy industry receives boost, launches AEC
The African Energy Chamber (AEC), which has been advocating for upstream producers, service providers, downstream suppliers and governmental bodies throughout the continent, has been formally established.
Backed by executives from across the continent’s oil and gas, power, and renewables industries, the AEC is the continent’s voice for the ongoing change and progression in the African energy industry.
From the robust regulatory reforms of Angola and the interest of Congo-Brazzaville in OPEC, to the impressive local content strides taken by South Sudan, the AEC firmly stands with the re-emergence of Africa’s energy industry.The AEC initiative comes as the advancements in Africa’s energy sector and its revamped development agenda are at the center of international investors’ interests.
Africa is continuously proving itself to be capable of developing large-scale progressive energy initiatives, such as Equatorial Guinea’s recent plan to construct a natural gas mega-hub.According to a statement, over the past 12 months alone, Mozambique saw a final investment decision on a $7b LNG development programme. Cameroon became the first African country to bring a floating LNG platform on stream. Uganda gave the green light to lay the world’s longest electrically heated crude oil pipeline. Nigeria is taking significant strides to rebalance its crude refining capabilities. And Burkina Faso commissioned one of the world’s largest hybrid fuel/solar power plants.
“Africa is a fastly-growing energy powerhouse,” N.J. Ayuk, CEO of the Centurion Law Group, one of the AEC founding members, said.“New oil frontiers are opening up in West Africa, investment in gas infrastructure is picking up in West and East Africa, while landmark reforms are expected to transform the way natural resources are being exploited in markets such as Nigeria and South Africa. There truly has never been a better time to do business in Africa.”
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