Africa would do well to introduce more licensing rounds to explore this huge untapped potential, industry players said during a panel discussion African Energy Week.
It’s Africa’s time to shine, but infrastructure development will be needed. File picture: Getty Images via AFP.The majority of new oil and gas finds over the next three decades are likely to be in Africa, experts believe.
Speaking at a panel discussion ahead of African Energy Week, which runs from November 4 to 8 in Cape Town, Nysveen said the past three to five years had seen the continent introduce 300 million barrels of oil per year, while replacing 10% of existing production with new projects.“Risk is overestimated by global investors and there are little licensing activities.
Ian Cloke, COO at Afentra, said Africa was attracting investment by prioritising a just energy transition, unlike the North Sea, where investment has become increasingly unfeasible in the past 15 years.
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