By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    United Nations
    4th International Conference On Financing For Development Delivers Renewed Hope And Action For Sustainable Development
    3 months ago
    The African Development Bank and the United Nations Human Settlements Programme (UN-Habitat) scale up drive for sustainable urbanization in Africa
    AfDB, UN-Habitat Scale Up Drive For Sustainable Urbanisation In Africa
    3 months ago
    UN
    North Africa: Green Climate Fund Approves Record $300m For FAO-designed Projects In Papua New Guinea, Saint Lucia, The Sahel
    3 months ago
    UNICEF
    How Wars Across Middle East, North Africa Affecting Children – UNICEF
    3 months ago
    UNDP
    UN Development Programme Welcomes Historic Deal On Sustainable Development Even Amidst Global Turmoil
    3 months ago
  • Africa
    Africa
    Show More
    Top News
    Human Rights Watch Kicks Over 10-Year Jail Term Giving Burundian Journalist
    3 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Hopesalive Initiative for Africa
    Queen Temitope Enitan-Ogunwusi Receives African Award In Ethiopia
    2 years ago
    Latest News
     South Africa’s Think 20: Experts Address How Africa Can Bridge Digital Divide And Achieving Financial Inclusion
    1 week ago
    U.S. Africa Command Commander Visits West Africa, Underscores Partnership In Addressing Evolving Terrorism Threat
    2 weeks ago
    West Africa Regional Preparatory Workshop For COP30 On Climate Change Opens In Dakar
    2 weeks ago
    Systemic Racism Against Africans And People Of African Descent In Criminal Justice Systems Is Pervasive
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Peter Obi’s Big Win In Lagos Set Social Media On ‘Fire’
    3 years ago
    Tayo Ayinde, A Leading Choice For Nigerian President-Elect’s Chief Of Staff
    3 years ago
    15th BRICS Summit
    Timi Frank Blasts Shettima For Gloating Over Predetermined Tribunal Judgement
    2 years ago
    Latest News
    EU, ADC Parley: Calls for Electoral Reforms To Guarantee Free, Fair, Credible Polls In Nigeria
    5 days ago
    NSC Chairman To Engage With Youth And Sports Stakeholders At The Nest Centre
    2 months ago
    Edo District Bye-election: SDP Candidate, Hon. Isidahomhen Promises To Pursue Best Interest Of Esanland 
    2 months ago
    PHOTOS: Vinod Obasa Takes Oath Of Office
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Latest News
    Anambra Traditional Ruler For Burial 9 October
    5 days ago
    Lagos Hosts Eko Skills Development Initiative For Youths
    1 week ago
    October 1: Nationhood Must Translate Into Better Living Conditions For Nigerians, CAPPA Tells FG
    1 week ago
    EX-APC Chairman Sad Over Bandit Killings In Oke-Ode And Other Parts Of Kwara 
    1 week ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Temi Otedola Makes Her Stage Debut In Motherland The Musical
    3 years ago
    Discover Exciting Programmes with Ease on GOtv
    2 years ago
    Nigerian Afrobeat Artiste WONDA Drops Captivating Summer Anthem ‘Ibiza’
    2 years ago
    Latest News
    GOtv Stream vs. Traditional TV: Why Viewers Are Loving the Flexibility
    2 weeks ago
    Securing Africa’s Digital Future: Entertainment in Safe Hands
    2 weeks ago
    BBNaija S10: Joanna, Mide, and Isabella Clash as Denari and Tracy Exit the House
    3 weeks ago
    Akamai Adaptive Media Player 2: Bitmovin And Akamai Set New Streaming Standard
    1 month ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    NCC, NICO To Leverage Telecom Channels To Promote Nigerian Cultural Heritage
    1 year ago
    LENT 2023: Nigerians Knocking On Heaven’s Door By Bishop Emmanuel Badejo
    3 years ago
    Happiness
    Eight Ways To Stay Happier In 2025, According To Science
    9 months ago
    Latest News
    Ambassador Raffy Bello Greets Imperial Majesty, Ooni Enitan-Ogunwusi, As Olojo Festival Begins In Ile-Ife
    2 weeks ago
    Preserving African Culture: Polaris Bank , Chivita, And Danone Support CIKDAS’ Youth Literary Initiative
    1 month ago
    Nigeria, Switzerland Takes Major Steps Towards Repatriation Of Artifacts And Cultural Cooperation
    1 month ago
    Archbishop Ugorji Hails St. Helen’s Choir As One of the Best Choirs in Owerri Archdiocese
    1 month ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Unity Bank Shareholders Approve Merger With Providus Bank
    2 weeks ago
    Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders
    2 weeks ago
    Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria
    1 month ago
    Intra-African Trade Fair
    Nigeria To Host Intra-African Trade Fair In 2027
    1 month ago
    Bank of Agriculture
    How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA
    1 month ago
  • Health
    Health
    Show More
    Top News
    WHO
    WHO Gives Nigerian Laboratory Full Accreditation To Fight Measles And Rubella
    3 years ago
    European Union Allocates N75m To Prevent Spread Of Diphtheria In Nigeria
    3 years ago
    US Govt Must Heed Lessons Of PEPFAR – AIDS Society Warns
    2 years ago
    Latest News
    2025 World Pharmacist Day: Lagos Takes Healthcare To Ikorodu Communities
    1 week ago
    World Heart Day: Adopt Healthy Food Policies, CAPPA Tasks FG, States
    1 week ago
    Lagos Takes Fight Against HIV To Communities
    2 weeks ago
    Nigeria’s Health Financing: Lessons From Canada’s $32.5bn Tobacco Settlement
    2 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Africa’s Upstream Opportunities Unpacked At Invest In African Energy Reception In Dubai
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Business > Africa’s Upstream Opportunities Unpacked At Invest In African Energy Reception In Dubai
BusinessOil & Gas

Africa’s Upstream Opportunities Unpacked At Invest In African Energy Reception In Dubai

Last updated: 2023/03/31 at 8:57 AM
3 years ago
Share
SHARE

BY AKINDE OMOTUNDE OLAWUNMI

As part of the African Energy Chamber’s Invest in African Energy reception in Dubai on Thursday – representing the fourth stop on the Chamber’s global investment tour – a panel discussion was held to unpack the latest developments, trends and opportunities within Africa’s shifting exploration and production (E&P) landscape.

Under the theme, “Africa’s Advantage: Taking Advantage of Africa’s Upstream Opportunities,” panelists included O. A. Danquah, CEO of Ghana National Petroleum Corporation, Eng. Bernard Amuor Makeny, CEO of NilePet, and Matthew Rawlings, Vice President of Upstream Consulting for S&P Global Commodity Insights, with Geoffrey Warr, Consulting Sales Director responsible for Europe, Middle East and Africa for S&P Global Commodity Insights, serving as moderator.

- Advertisement -
Ad imageAd image

Africa continues to hold resource-rich basins with billions of untapped proven oil and gas reserves, with exploration hotspots cropping up across southern, eastern and western regions. Sizable hydrocarbon discoveries offshore Angola, Ivory Coast and Namibia in 2022 alone – coupled with proactive regulatory reforms – provide the continent with unparalleled opportunities for upstream growth and development.

“Two-thirds of oil resources are exported out of Africa. As governments, we need to be able to come together and ensure that our resources are being used for African development. Our strategic advantage is that we have a lot of supply and a lot of potential demand, so our resources can never be locked,” commented O. A. Danquah, CEO of Ghana National Petroleum Corporation.

At least 26 drilling campaigns and rigs are expected in Africa in 2023, cementing the continent’s upstream revival. Southern Africa alone will see additional exploration activities in Zimbabwe’s Muzarabani prospect from Invictus Energy, drilling in offshore Block 2B in South Africa by Eco (Atlantic) Oil & Gas, and frontier exploration in Namibia’s Kavango Basin led by ReconAfrica.

Meanwhile, mature producers like Angola, Nigeria and South Sudan are expected to dominate Africa’s offshore drilling market, while prioritizing shorter-cycle development projects that utilize existing infrastructure and create synergies with regional markets. Shorter-cycle projects can bring a discovery into production in as little as one to three years, as well as offer lower risk, higher potential for commercial production and heightened flexibility within exploration portfolios.

“South Sudan is almost the third-largest oil producer in Africa. The advantage we are trying to take now, given the current crisis in Ukraine, is to maximize African participation in the upstream business. Our daily production is around 160,000-170,000 barrels per day (bpd). Kenya is not producing yet. Uganda is not producing yet. The question then becomes: how do I engage my neighbors to benefit from the products that come out of South Sudan?” stated Bernard Makeny, CEO of NilePet.

One key to attracting exploration capital will be re-evaluating the terms and conditions of E&P contracts and other fiscal and regulatory amendments. According to the panel, African governments must play their part in creating attractive programs for exploration and production and establishing mechanisms for raising capital.

“Most of the funds that come into Africa are from the Global North and Asia,” said O. A. Danqua. “At least 85% of funds invested in oil and gas come from outside of Africa. So, there is a clear perception that African governments are not putting their money into Africa. We need investment, yet external investment is slowing down to ESG requirements and the energy transition.”

You Might Also Like

Unity Bank Shareholders Approve Merger With Providus Bank

Yomi Joseph Digital Pr Launches 360° Marketing Solutions To Transform Brands Into Industry Leaders

Gov Abiodun Showcases Ogun Investment Opportunities At AfCFTA In Algeria

Nigeria To Host Intra-African Trade Fair In 2027

How Nigeria-Brazil Pact Will Boost Agricultural Investment, Food Security – BOA

TAGGED: Africa Energy Chamber, Dubai, Invest in African Energy Reception
INadminNG March 31, 2023 March 31, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Ghana: Council Of State Members Reduce Monthly Allowances By 20% Amid Economic Woes The World Must Fight Terrorism, Violent Extremism To Standstill – Ghana President
Next Article Nigeria: Osun State Launces HIV Treatment Surge
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?