African Energy Chamber Drives Intra-African Energy Investment In Lagos

The Invest in African Energies roadshow in Lagos – organized by the African Energy Chamber (AEC) on June 25 – united more than 250 Nigerian entrepreneurs and investors interested in accessing opportunities in Africa’s oil and gas and energy sector.

Nigeria is home to the largest number of indigenous service companies, which meet over 75% of service demand from Nigeria’s oil and gas industry and are set to drive Nigeria’s upstream resurgence, as well as provide technical expertise to other African oil and gas markets. The Invest in African Energies roadshow – preceding the African Energy Week: Invest in African Energy 2024 conference in Cape Town this November – served as a strategic platform for Nigerian companies to engage with stakeholders from other countries and explore regional and pan-African expansion opportunities.

“Nigerian companies have the financial strength and expertise to take advantage of opportunities across the energy sector in Africa. We at the African Energy Chamber encourage this and see it as a win for all involved,” said AEC Senior Vice President, Verner Ayukegba.

Namibia is a key potential recipient of Nigerian oil and gas expertise, following a series of high-profile offshore discoveries made by Shell, TotalEnergies and Galp in its offshore Orange Basin totaling more than 11 billion barrels of oil. Participating in the roadshow was Africa Global Logistics – a major logistics and port operation player recently awarded the contract to oversee operations at Namibia’s Port of Walvis Bay, which supports oil and gas activities like rig maintenance and repair work. Namibia is currently planning a $2.1-billion port expansion project to enable oil and gas development, creating further opportunities for Nigerian and global investors.

Within West Africa, Ivory Coast is also seeking upstream investment and technical expertise from established producers like Nigeria. The country made headlines earlier this year with Eni’s discovery of light oil and gas at the Murene-1X exploration well, estimated to hold potential resources of 1.5 billion barrels of oil equivalent. Eni’s previous discovery – the Baleine field – was fast-tracked into production last August and is set to reach 200,000 barrels per day by 2027, as well as represent the first net-zero emissions project in Africa.

“Today, the biggest investor in oil and gas in the African subcontinent is Eni. They are pumping about $6 billion into Ivory Coast, and they made a discovery,” stated Nosa Omorodion, SLB Executive Director, Nigeria and West Africa, at the roadshow.

Senegal and Mozambique also hold significant demand for Nigerian oil and gas services, as two of Africa’s fastest-growing LNG markets. In Nigeria, indigenous company BUA Group is spearheading the development of a 700-ton-per-day mini-LNG project, as it seeks to expand its portfolio into the energy sector and leverage its position as one of Africa’s largest food, mining, manufacturing and industrial conglomerates. Meanwhile, Shoreline Energy International leads a diversified asset portfolio in Nigeria, Liberia, Ghana, Uganda and Angola, focusing on EPC services for the oil and gas industry, power generation solutions, construction and ICT infrastructure. The company’s tailored power solutions could be leveraged in new markets seeking energy security and sustainable energy development.

“Seeing different players in the oil and gas industry in the room only confirms the value of the AEC to the sector, while building the ecosystem to support the sector,” said Kola Karim, CEO of Shoreline Energy International.

Nigerian full-stream energy exploration and production company Adelaar Energy also participated in the roadshow, advocating for enhanced gender inclusivity and advancement of women within Africa’s energy industry. Operating in engineering, procurement, consultancy and services, the female-led company is seeking to empower female energy professionals in both mature and emerging markets through training and education, mentorship programs and coaching and sponsorship opportunities, among other gender equality initiatives.

“Seeing more women collaborating in the energy sector and not being afraid to join forces with the male-dominated industry, sharing their unique perspectives and expertise to drive innovation and progress. Together, they’re breaking down barriers, shattering glass ceilings, and creating a more inclusive and sustainable energy future for all,” said Grace Orife, Adelaar Energy CEO and AEC Board Member.