African Energy Week: Invest in African Energy will host a US-Africa Roundtable focused on deploying US capital, technology and expertise across the continent.
The roundtable will investigate methods to strengthen the US-Africa partnership in technology, policy, and investment. This partnership seeks to maximize mutual advantages, such as increased market access, improved energy security, and innovation through joint ventures. By establishing more resilient partnerships, both regions aim to advance energy projects and sustainable development. While African markets are poised to benefit from US capital and technical expertise, US companies will also gain from introducing new crude oil and LNG capacity and influencing the energy transition trajectory of Africa and the broader Global South.
AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.
Historically, United States explorers have played a significant role in Africa's developed oil and gas markets. In Angola, Chevron holds a substantial market share of 26% through its prominent assets in Blocks 0 and 14. Recently, the company signed two risk service contracts for Blocks 49 and 50 in Angola's Lower Congo Basin, marking its first operated assets outside the Cabinda concessions. Furthermore, ExxonMobil has recently completed drilling at the Likember-01 research well in Block 15 offshore Angola and is poised to make a substantial investment of $15 billion to develop potential discoveries in the Namibe Basin through 2030. Additionally, the United States has committed a significant amount of $360 million to the Lobito Corridor development project, which aims to facilitate the efficient export of crucial raw materials from the Democratic Republic of the Congo and Zambia through Angola's Port of Lobito to buyers in the United States.
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Chevron is increasing its investments in deepwater projects in Nigeria and has obtained a share in OPL 215 offshore the Niger Delta earlier this year. The company's new phase of deepwater development in Nigeria involves renewing three deepwater leases for 20 years, carrying out seismic data acquisition on multiple deepwater blocks, expanding the productive Agbami field project, and initiating a $1.4-billion infill drilling program from 2022-2026 in the shallow offshore and onshore Escravos area.
ConocoPhillips, a prominent American multinational corporation, maintains an active presence in Africa's upstream sector. Recently, the company achieved a significant milestone by increasing production from the Al Waha oil field in Libya by 40,000 barrels per day (bpd). This remarkable accomplishment was the result of strategic infrastructure and operational enhancements. Furthermore, ConocoPhillips made a notable acquisition last month by securing US independent Marathon Oil.
This acquisition encompasses an integrated gas business in Equatorial Guinea, along with substantial interests in the producing Alba Field and offshore Block D. Historically, Equatorial Guinea has attracted a diverse range of American exploration companies, including Kosmos Energy. Kosmos Energy holds significant interests in the Ceiba Field and Okume Complex within Block G. Currently, the company is engaged in drilling two infill wells in this block, aiming to augment production by 3,000 bpd before the end of the year..
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American corporations are also at the forefront of Africa's emerging oil and gas markets. ExxonMobil is spearheading the $2.3 billion Rovuma LNG project in Mozambique, poised to become one of the world's largest LNG ventures with an annual capacity of 18 million tons. Concurrently, Baker Hughes has deployed cutting-edge maintenance solutions and innovative technologies to the Greater Tortue Ahmeyim (GTA) LNG project in Senegal-Mauritania, anticipating initial gas production this year. Furthermore, the company recently secured a contract for a gas-boosting project in Algeria's Hassi R'Mel gas field. Kosmos Energy plays a pivotal role in Senegal as a partner to the GTA LNG project and is simultaneously developing an offshore LNG facility for the Yakaar-Teranga project, focused on delivering cost-effective gas.
“Heightened energy sector collaboration between the US and Africa represents a strategic opportunity to leverage the expertise of American operators, investors, technology, and service providers. These partnerships will not only stimulate drilling activities, yield new discoveries and strengthen production infrastructure, but also empower local economies, creating a domino effect of socioeconomic benefits across the continent,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.
The US-Africa Partnerships Roundtable at AEW 2024 is poised to be a pivotal juncture, signifying the burgeoning ties between the United States and African nations in their shared pursuit of energy objectives and sustainable development.
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