African Energy Week: Invest in African Energy 2024 will host a series of strategic sessions showcasing available licensing and investment opportunities for upstream players.
The African energy sector is gearing up for a new wave of upstream oil and gas investment, as several markets announce licensing rounds and strategic policy initiatives aimed at boosting investment in on- and offshore exploration and production.
To stimulate further investment in Africa’s upstream sector, African Energy Week: Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – will host an Upstream Exploration & Production (E&P) Forum. The two-day forum will feature a series of strategic sessions and presentations, highlighting major developments and investment opportunities shaping Africa’s upstream sector. Key government stakeholders, operators, service providers and industry regulators will participate as speakers.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
In the period from 2024 to 2025, numerous bidding rounds are anticipated across Africa, enhancing access to both emerging and established licensing opportunities for upstream investors. Notable initiatives include Nigeria's 2024 Deepwater Bid Round, which will offer 19 blocks; Zanzibar's first tender, featuring eight offshore blocks; and Namibia's newly implemented open-door system for exploration and production licenses.
Furthermore, the Democratic Republic of the Congo is continuing its 2022 bid round with 24 onshore blocks available, while Tanzania's fifth licensing round will present 26 blocks. Uganda's third licensing round is focused on the Albertine Graben basin, Somalia's 2024 licensing round will provide 26 offshore blocks, and Kenya's inaugural licensing round will include 45 blocks.
Angola is also set to initiate a limited public tender in 2025, offering 10 offshore blocks. In North Africa, Egypt is preparing several bid rounds for 2024, Libya plans to offer 40 blocks by early 2025, and Algeria is looking to enhance exploration with 10 to 12 onshore blocks in the fourth quarter of 2024.
The Upstream E&P Forum at AEW 2024 will host a session dedicated to Oil & Gas Policy & Investment, focusing on how African governments and policymakers are fostering sustainable investments through innovative policies, new licensing rounds, and various strategic initiatives. The session will feature prominent speakers, including senior representatives from the Mining, Mineral, and Energy Development department of South Africa, Namibia's Ministry of Mines and Energy, and Angola's National Agency of Oil, Gas and Biofuels.
Throughout the continent, International Oil Companies (IOCs) are making significant strides in exploration and production capabilities. Recently, Australian E&P firm Woodside Energy reached a significant milestone with its $5.2 billion Sangomar field development in Senegal, successfully delivering its first crude oil cargo to Shell. In the Republic of Congo, French multinational TotalEnergies is progressing with the Moho Nord field and the development of the Marine XX permit, where two new drilling rigs have been deployed, with expectations of new discoveries by the end of the year.
Local entities are making significant strides in Africa's upstream sector. Seplat Energy, a Nigerian oil and gas firm, has recently acquired ExxonMobil's shallow water operations in Nigeria, encompassing assets in OMLs 67, 68, 70, and 104. Meanwhile, Etu Energias, an Angolan energy company, has taken over the upstream assets of the Portuguese firm Galp Energia in Angola's Block 14.
The Upstream E&P Forum will host a focused session titled Exploring Opportunities with Nigerian Independent Operators, which will delve into the emergence of local junior and independent explorers. Notable speakers will include Anthony Adegbulugbe, Chairman of Green Energy International Ltd., and Ahonsi Unuigbe, Founder and CEO of Petralon Energy Limited.
Furthermore, African upstream markets are witnessing a surge in onshore investments. Angola is progressing with the redevelopment initiative in the onshore Kwanza Basin, spearheaded by the National Oil Company Sonangol and the Angola-focused oil and gas firm Corcel, which includes the ongoing testing of the Tobias-14 well.
Canadian independent ReconAfrica, in collaboration with Namibia's National Oil Company NAMCOR, has recently commenced drilling the Naingopo exploration well in Namibia's onshore Kavango Basin, an area known for the Damara Fold Belt, which is estimated to contain over 22 trillion cubic feet (tcf) of undiscovered gas.
In Zimbabwe, the upstream exploration by Invictus Energy at the Mukuyu-1 well in the Cabora Bassa Basin has yielded encouraging results, with estimates of 230 million barrels of oil equivalent and 1.3 tcf of natural gas. During AEW 2024, a session titled Exploration Champions: Africa’s New Oil and Gas Hotspots will showcase the continent's recent exploration achievements, including new onshore and offshore discoveries, featuring senior representatives from Impact Oil & Gas, Woodside Energy, and Azule Energy.