What is African Energy Week?
African Energy Week 2022 is the African Economic Conference’s annual conference, exhibition and networking event, surrounding the energy sector.
In 2022 it will be held in Johannesburg, South Africa between October 18th and 21st. AEW 2022 unites energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.
Key organizations such as the African Petroleum Producers Organization, as well as energy heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.
It will feature panel discussions, ministerial forums and various summits to discuss the role of digitalization across the oil and gas sector. AEW 2022 represents an ideal platform to discuss, negotiate and sign energy projects and technology partnerships and deployment deals.
Energy needs across the continent
While Africa faces the impacts of climate change, the rate of energy poverty across the continent has actually increased by 25 million people in 2022 compared to pre-COVID-19 levels.
This increase, coupled with the continent’s growing population, has emphasized the role hydrocarbons will play in alleviating energy poverty and driving socioeconomic growth.
To ensure the development of the continent’s hydrocarbon resources align with global climate policies, the adoption of technologies such as carbon capture, utilization and storage (CCUS) within the hydrocarbons sector could be a game changer.Through CCUS, Africa has the opportunity to attract the investments needed to enhance oil and gas production and exploitation while ensuring development is achieved in a sustainable manner.
With investments of up to $25 billion now required across the continent’s entire energy sector per annum to achieve universal energy access by 2030, CCUS application across the oil and gas industry will be critical for securing capital and prioritizing environmental sustainability.
Such technologies will be instrumental in ensuring the continent’s 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves are both exploited and maximized to meet domestic energy needs, particularly across heavy industries and power generation while also creating jobs across the energy sector and various industries.
Trade outside the continent
With Europe increasingly looking to Africa to meet its energy demands, CCUS application across the oil and gas sector will help improve the continent’s gas monetization and revenues for governments.
CCUS momentum has gradually increased in Africa owing to strengthened policy support, net zero commitments, digitalization across the energy sector and the emergence of strategic business partnerships.
Up until now, adoption has been limited to a few countries including South Africa, Nigeria and Algeria. In this regard, more needs to be done from a regulatory perspective to accelerate adoption across the entire continent.The African Energy Chamber (AEC), as the voice of the energy sector, is calling for improved collaboration between academia and private and public sector institutions to accelerate research, development and technology adoption in African hydrocarbon producing countries.
The AEC is strongly advocating for African governments to introduce financial incentives and policies that encourage CCUS adoption for oil and gas optimization and decarbonization.With the current development of large-scale gas projects it is critical to integrate CCUS technology to optimise production and environmental impact.
A vision for the future
“With the demand for gas expanding across the globe and Africa’s gas rush intensifying, the focus for Africa should be the implementation of CCUS and various cost-effective technologies which pave way for optimal exploitation of our domestic energy resources to improve energy access and fuel industrialization while averting climate change,” said NJ Ayuk, the Executive Chairman of the AEC.
“At AEW 2022, both continental and regional CCUS technology providers, energy investors, stakeholders and government representatives will gather for four days of high-level discussions, meetings and networking to explore boosting CCUS penetration across the African oil and gas sector”, he added.
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