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Energy Investments: AEC Backs Invest in African Energy Forum in Paris

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The African Energy Chamber (AEC) – representing the voice of the African energy sector – proudly announces its official endorsement and unwavering support for the upcoming Invest in African Energy (IAE) forum, taking place in Paris on May 14-15. Organized by Energy Capital & Power, IAE 2024 is set to ignite the industry by bringing together European and international investors with African heads, independents and entrepreneurs to sell new projects and access unparalleled opportunities within the African energy landscape.

Returning to Paris for its second edition, the forum establishes new avenues for engagement between European and African stakeholders. Centered on not only investment, but also mutually beneficial partnership and collaboration, the forum unites African energy ministers, heads of National Oil Companies and independents with their European counterparts, driving opportunities for growth and deal making. The 2023 edition of the event saw the signing of several exciting deals and partnerships, which is expected to continue in 2024 as Europe becomes an increasingly strategic partner to Africa.

France has long been a critical player in Africa’s energy industry, opening up frontier basins and spearheading infrastructure-led growth. Representing the largest French project developer in Africa, TotalEnergies stands out in this arena, developing transformative projects like Mozambique Liquefied Natural Gas (LNG) and Uganda’s Lake Albert Development, while driving upstream activities in South Africa, Angola, Libya and many more. In Namibia, TotalEnergies made a sizable offshore discovery in 2022, triggering a new wave of exploration drilling from International Oil Companies.

Perenco – leading independent hydrocarbons producer and one of the largest taxpayers in Africa – stands out for its sustained commitment to the continent. The company recently completed a 3D seismic acquisition campaign in the Republic of the Congo, while bringing new wells online and leading the construction of the $1-billion Cap de Lopez LNG facility in Gabon. Perenco stands as a beacon of operational excellence, particularly in the CEMAC region, where it fosters growth through technology and innovation. 

On the service side, companies like Technip Energies and SLB have proven to be critical partners for African oil and gas projects. From servicing offshore projects such as Greater Tortue Ahmeyim LNG in Senegal and Mauritania and Coral Sul Floating LNG in Mozambique, to driving commercial oil and gas projects in Nigeria, Angola, Algeria, Congo and many more, these companies are not only supporting new hydrocarbon developments, but also contributing to a just energy transition in Africa.

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Meanwhile, French renewable energy developers continue to make progress in driving Africa’s energy transition. Companies like Engie; EDF Renewables, Voltalia and many more have invested heavily in Africa’s solar, wind and hydropower potential, and while these investments have increased installed power generation capacity, further commitments are needed to achieve both climate and energy security goals.

“Africa stands as the last energy frontier, brimming with untapped potential that demands not only new investments, but also strategic collaboration and a far more balanced dialogue. The IAE 2024 forum in Paris is a testament to our collective commitment to harnessing this potential. It is a clarion call to energy investors and stakeholders, urging them to invest in Africa, drive projects and make energy poverty history by 2030. On behalf of the AEC, we are proud to support this forum and strongly encourage all of our members and associated countries to participate,” stated NJ Ayuk, Executive Chairman of the AEC.

To achieve the Sustainable Development Goals outlined by the Paris Agreement by 2030, Africa requires an additional $194 billion in annual finance. While the continent has over 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and unparalleled potential in renewable energy, much of these resources remain undeveloped, presenting lucrative opportunities for foreign investors, particularly those in Europe. IAE 2024, therefore, could not come at a better time for the continent. This endorsement underscores the AEC’s commitment to fostering strategic partnerships, unlocking capital inflows, and propelling the continent towards a future marked by sustainable energy development and growth.

As the African Energy Chamber, we stand resolutely committed to steering the continent towards a future fueled by sustainable energy development. The forum serves as a platform to forge partnerships, initiate dialogues, and chart a course towards a thriving energy landscape that uplifts communities and economies across Africa.