African Energy Week (AEW) 2024’s Upstream Exploration & Production (E&P) Forum to Ignite Onshore, Offshore Investments

The African energy sector is gearing up for a new wave of upstream oil and gas investment, as several markets announce licensing rounds and strategic policy initiatives aimed at boosting investment in on- and offshore exploration and production.

To stimulate further investment in Africa’s upstream sector, African Energy Week: Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – will host an Upstream Exploration & Production (E&P) Forum. The two-day forum will feature a series of strategic sessions and presentations, highlighting major developments and investment opportunities shaping Africa’s upstream sector. Key government stakeholders, operators, service providers and industry regulators will participate as speakers.

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.

Between 2024-2025, several African bid rounds are set to be launched, driving access to both frontier and mature licensing opportunities for upstream investors. These include Nigeria’s 2024 Deepwater Bid Round offering 19 blocks; Zanzibar’s inaugural tender offering eight offshore blocks; and Namibia’s new open-door system for E&P licenses. Additionally, the Democratic Republic of the Congo continues its 2022 bid round with 24 onshore blocks, while Tanzania’s fifth licensing round features 26 blocks. Uganda’s third licensing round targets the Albertine Graben basin; Somalia’s 2024 licensing round offers 26 offshore blocks; and Kenya’s first licensing round features 45 blocks. Angola is also launching a 2025 limited public tender with 10 offshore blocks. In North Africa, Egypt is planning multiple 2024 bid rounds, while Libya will place 40 blocks on offer by early-2025, and Algeria aims to boost exploration with 10-12 onshore blocks in Q4 2024.

The Upstream E&P Forum at AEW 2024 will feature a session on Oil & Gas Policy & Investment, examining how African governments and policymakers are promoting sustainable investments through innovative policies, new licensing rounds, and other strategic initiatives. Speakers include senior government representatives from Mining, Mineral, and Energy Development of South Africa, Namibia’s Ministry of Mines and Energy and Angola’s National Agency of Oil, Gas and Biofuels.

Across the continent, IOCs are advancing exploration efforts and production capabilities. Australian E&P company Woodside Energy recently achieved a milestone with its $5.2-billion Sangomar field development in Senegal, delivering the first crude oil cargo to Shell. In the Republic of Congo, French multinational TotalEnergies is advancing the Moho Nord field, as well as developing the Marine XX permit – where two new drilling rigs have been deployed – with expectations for new discoveries by year-end.

Local players are also advancing Africa’s upstream sector. Nigerian oil and gas company Seplat Energy recently acquired ExxonMobil’s shallow water business in Nigeria, including assets in OMLs 67, 68, 70, and 104, while Angolan energy company Etu Energias acquired Portuguese firm Galp Energia’s upstream assets in Angola’s Block 14. The Upstream E&P Forum will feature a dedicated session on Exploring Opportunities with Nigerian Independent Operators, discussing the rise of indigenous junior and independent explorers. Speakers include Anthony Adegbulugbe, Chairman of Green Energy International Ltd., and Ahonsi Unuigbe, Founder and CEO of Petralon Energy Limited.

African upstream markets are also accelerating investments onshore. Angola is advancing the onshore Kwanza Basin redevelopment campaign, led by NOC Sonangol and Angola-focused oil and gas company Corcel, which includes the ongoing Tobias-14 well testing. Canadian independent ReconAfrica and Namibia’s NOC NAMCOR recently spud the Naingopo exploration well in Namibia’s onshore Kavango Basin, which is home to the Damara Fold Belt, a highly prospective play estimated to hold over 22 trillion cubic feet (tcf) of undiscovered gas. In Zimbabwe, upstream explorer Invictus Energy’s drilling at the Mukuyu-1 well in the Cabora Bassa Basin has shown promising results, estimating 230 million barrels of oil equivalent and 1.3 tcf of natural gas. During AEW 2024, a session highlighting Exploration Champions: Africa’s New Oil and Gas Hotspots will spotlight the continent’s latest exploration successes, including new onshore and offshore discoveries, with senior representatives from Impact Oil & Gas, Woodside Energy, and Azule Energy / participating in the session.
Distributed by APO Group on behalf of African Energy Chamber.