African Energy Week (AEW) 2024 to Host MSGBC Spotlight as First Oil Affirms Regional Investment Potential

CAPE TOWN, South Africa, September 4, 2024/ — First production at the Sangomar Oilfield in 2024 in tandem with undeveloped oil, gas and renewable energy potential make the MSGBC region a hotspot for energy investment. As such, this year’s African Energy Week (AEW): Invest in African Energy 2024 conference – taking place in Cape Town from November 4-8 – will feature a country spotlight on Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry, showcasing how the region presents a compelling opportunity for investors due to its vast untapped resources, favorable regulatory environments and strategic location.

The Invest in MSGBC Energies country spotlight – sponsored by engineering and technology company Technip Energies – will explore how governments in the region are actively promoting policies that will attract foreign direct investment, providing incentives and serving to streamline processes that reduce barriers to entry.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Joining the ranks of oil-producing countries, Senegal shipped its first crude cargo from the Sangomar oil project in July this year. The $5.2 billion Sangomar field development is operated by global energy company Woodside Energy and aims for an initial production of 100,000 barrels per day. The first phase of the development involves 23 wells – comprising 11 production, 10 water injection and 2 gas injection wells – and targets and estimated resource base of 630 million barrels.

Additionally, Mauritania anticipates first natural gas production from the Greater Tortue Ahmeyim project – straddling the maritime border of Mauritania and Senegal – to begin this year and is also spearheading the development of 12.5 million tons of green hydrogen capacity by 2035. In July this year, the government approved two bills, the first of which establishes an incentive-based and transparent legal and regulatory framework to attract renewable energy and green hydrogen investors. The second bill introduces new mechanisms to promote SMEs that provide high-quality goods and services, as well as develop local expertise and know-how in the country’s extractive industries.

Meanwhile, The Gambia’s offshore prospects offer significant potential for play-opening discoveries and is situated in proximity to the Sangomar field. The country’s Bambo prospect reservoirs have revealed oil shows in recent years and could hold up to 1.2 billion barrels of oil. The data – acquired by independent oil and gas company FAR – has opened additional material exploration opportunities in the offshore A2 and A5 blocks.

Set to support Guinea-Bissau’s first solar power plants with a $35 million grant, the Board of Executive Directors at international finance institution the World Bank is set to develop 30 MW of solar parks with battery energy storage systems in the country. Meanwhile, last year, the government and energy supermajor Eni joined forces to embark on a joint endeavor to appraise the country’s offshore exploration prospects

Major advancements this year saw Guinea-Conakry initiating discussions with private partners for the development of 500 MW of solar energy. Meanwhile, natural gas company West Africa LNG announced the start of development of the $3 billion Guinea LNG import project, which is poised to supply power to the country’s energy and mining sectors by 2025.

In light of these major milestones in the MSGBC region, the country spotlight at this year’s AEW: Invest in African Energy conference will outline ongoing project developments, future investment opportunities and emerging partnerships. Speakers will include Senegal’s newly appointed Minister of Energy, Petroleum and Mines Birame Souleye Diop; Guinea-Conakry’s Minister of Energy, Hydropower and Hydrocarbons Aboubacar Camara as well as upstream oil company Kosmos Energy’s Vice President and Country Manager for Mauritania Ismail Sid Ahmed; marine engineering company Golar LNG CEO Karl Staubo and senior executives from engineering and technology company Technip Energies and energy company AGL Energy.

“Advancements in the oil, gas, renewables and green hydrogen sectors coupled with the development of favorable fiscal and regulatory incentives make the MSGBC region one of the most attractive investment destinations for the energy industry in the world. To maintain the success of ongoing projects, the region is strengthening its investment climate to encourage new participation and funding,” states African Energy Chamber Executive Chairman NJ Ayuk.

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