Africa’s Oil Sector Continues to Rebound and Strengthen its Voice Through the African Energy Chamber
-
Record membership and solid fundraising for the African Energy
Chamber in August and September 2018
-
Local content push with Senegalese Prime Minister Mahammed Dionne
As the leading and most influential advocacy group for the majority of
the companies and workers in the continent’s oil and gas sector, the
African Energy Chamber (www.EnergyChamber.org)
has announced that the African oil industry continues to be strong and
is rebounding well.
The rebound in global commodity prices has translated in renewed
optimism and investment across the continent’s energy value chain,
leading to improved policy dialogue and increased international
investments across Africa’s energy markets.
The African Energy Chamber has capitalized on the market’s dynamism to
multiply networking activities, advocate for reformed policy frameworks
and further encourage investment in the continent’s energy industry.
Having become the most successful energy industry’s advocacy and trade
association for Africa, the Chamber notably partnered for the first time
with Africa Oil & Power, whose 3rd conference and
exhibition was held in Cape Town on September 5-7th, 2018.
The event attracted over 800 delegates and investors from North America,
Europe, Asia, the Middle East and Africa, and saw the participation of
leading figures such as OPEC Secretary General Mohammed Barkindo, former
Zambian President Rupiah Banda and many leading African Oil and Power
Ministers, NOC’s, IOC’s and service companies.
As a relentless advocate of a strong African content, the Chamber has
multiplied endeavors towards the development of local content policies
and regulations in the continent, especially across its emerging
frontiers. To assist Senegal in the development of a business-friendly
and robust regulatory framework, the Chamber hosted a local content
forum in Dakar on September 13th, during which Senegalese
Prime Minister Mahammed Dionne reiterated Senegal’s commitment to both
welcome foreign investors and implement a 50% quota of Senegalese
content by 2030.
In encouraging investment and improving networking for the sector, the
Chamber has also worked on resolving disputes between companies and
African governments and positioned itself as a leading mediator for
Africa’s energy stakeholders. It has also multiplied international
partnerships, the latest one being with the Houston-based International
Association of Geophysical Contractors (IAGC) in order to further
promote exploration across Africa’s sedimentary basins.
“The last two months have been record-breaking for the African oil and
gas sector and the Energy Chamber,” declared the chamber’s executive
chairman NJ Ayuk. “We saw a tremendous uptick in membership registration
over the past two months alone from NOCs, IOCs and service companies and
raised more than $500,000 over that period. I am proud that the majority
of our fundraising and support comes from African Energy Companies which
shows the broad-based support of across Africa. This ensures that we are
going to have the resources to advocate for an enabling environment when
it comes to doing business in Africa and push for more deals that they
have been traditionally excluded from.”
The African Energy Chamber now intends to focus on the international
exposure of Africa’s oil sector by taking its community and network
across geographies, notably Russia and China. At the invitation of
Alexander Novak, Russian Minister of Energy, and Anton Kobyakov, Advisor
to President Vladimir Putin, the African Energy Chamber will be leading
a strong delegation of African government and private sector officials
to the Russian Energy Week next month to discuss Russian investment in
Africa. Another such dialogue is being planned in Beijing in the first
half of 2019 so that the chamber’s members benefit from an open
discussion with Chinese investors and stakeholders.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180924005326/en/
Copyright Business Wire 2018
Source: Business Wire
(September 24, 2018 - 9:00 AM EDT)
News by QuoteMedia
www.quotemedia.com