Oil & Gas Crucial for African Growth: The African Energy Chamber (AEC) Calls for Industry Support to Defend African Market
Africa’s oil and gas industry – critical for improving energy access, driving industrialization, spurring economic growth and achieving sustainable development – faces increasing opposition from environmental groups and financial institutions seeking to undermine its potential. With over 600 million people living without access to reliable energy, the continent must prioritize the development of its hydrocarbon resources while advancing local content initiatives that deliver tangible benefits to African communities.
The African Energy Chamber (AEC), serving as the voice of Africa’s energy industry, remains steadfast in advocating for the industry’s role in eradicating energy poverty. As external forces intensify their opposition, the AEC calls for unwavering industry support in its efforts to connect African prospects with global capital to unlock the socioeconomic potential of Africa’s resources. Through platforms such as the African Energy Week (AEW): Invest in African Energies conference – which takes place 29 September to 3 October in Cape Town – the AEC will continue to facilitate investment, drive oil and gas projects forward and advocate for the protection of Africa’s interests in global energy affairs.
Several game-changing projects aimed at bolstering the African industry continue to be attacked. Global major Shell’s seismic survey campaign off South Africa’s Wild Coast – aimed at unlocking and harnessing the country’s undeveloped oil and gas resources – has been met with resistance. Similarly, the East African Crude Oil Pipeline, which promises to enhance energy security and economic development, has faced significant opposition. Measures by the AEC striving to connect African opportunities with global investors are increasingly being challenged.
The AEC, with backing from industry stakeholders, remains committed to empowering Africans, driving local content development and showcasing the continent’s vast energy potential. Fossil fuels are projected to account for over 60% of Africa’s energy mix by 2040, underscoring their importance in meeting growing energy demands. In this regard, this year’s AEW: Invest in African Energies conference will bring global financiers together with African stakeholders to advance investment, eradicate energy poverty and support local content initiatives.
Under the theme Positioning Africa as the Global Energy Champion, AEW: Invest in African Energies will foster partnerships and collaboration to strengthen Africa’s energy future. The event has long-played a vital role in facilitating deals across the energy value chain in Africa. In 2024, the event saw transformative deals, including the African Export Import Bank’s $16.8 million loan to support crude oil evacuation in Nigeria and a $10 million trade finance agreement with Dorman Long Engineering. The Republic of Congo’s National Oil Company SNPC also partnered with its Azerbaijan counterpart to enhance the CORAF Refinery. These are just some of the many deals signed at AEW: Invest in African Energies 2024. Building on this momentum, the 2025 conference aims to unlock even more investment and collaboration.
“Oil and gas development is the cornerstone of Africa’s socioeconomic progress,” said NJ Ayuk, the Executive Chairman of the AEC. “We must be firm in our commitment to Drill Baby Drill policies that will encourage more investment in our continent. Africa needs more drilling, licensing rounds, fast track permitting and approval, reduced taxes for oil and gas projects and a united front against external efforts undermining the continent’s growth. The Chamber stands firm in its support of initiatives that harness Africa’s resources to benefit local economies and transform lives across the continent and Make Energy Poverty History.”
Distributed by APO Group on behalf of African Energy Chamber.
