The Invest in African Energy Reception took place in London on Thursday, 26th January. The Centurion Law Group was strongly represented as themes of securing new financing, strengthening trade and investment between Africa and Europe as well as attracting new players to Africa’s most prosperous oil, gas and power markets were explored.
The African Energy Chamber (AEC) hosted event consisted of representatives of the African Energy Chamber, Afreximbank and Rystad Energy, as well as other high-level speakers – including African ministers of petroleum and energy and finance professionals. The African Energy Chamber (AEC) is considered to be ‘the voice of Africa’s energy sector’.
Executive Chairman of the AEC, NJ Ayuk, opened the evening: “We could not have chosen a better city to start our African energy journey. London, we thank you.” He continued: “Everybody showed up. That tells you that it’s time for Africa and it’s time for us to stop apologizing for producing energy for the world.”
In a separate post-event message, NJ Ayuk thanked all guests for making the event a success. He affirmed: ‘‘We have listened and we are committed to grow together’’ in a resounding response to making ‘‘energy poverty history among its population by 2030’’.
Co-sponsoring the event was Rystad, whose Chief Analyst Magnus Nysveen championed that ‘‘African countries must harness their renewable resources in conjunction with natural gas – which “must double” – in order to meet rising electricity demand’’ (AEC).
“We need as much as 65 million barrels by 2030 from wells that have not been drilled yet’’, added Nysveen. New investment in oil and gas exploration and production must follow-up the recent discoveries along Africa’s 40,000-km coastline.
Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima backed up these earlier sentiments by stating “We need to develop our own African market to produce, buy and sell gas’’.
In his role as President of OPEC and the GECF, he implored: ‘‘What are we going to be transitioning from – the dark? We need to make sure that Africans have electricity, and that can come from oil, gas, renewables or nuclear power.
“Everyone should fight so that we can have an impact on climate change. But it is the responsibility of the consumers and not the producers’’.
Moreover, Equatorial Guinea is leading an ambitious investment campaign aimed at establishing diversified downstream industries, while driving new exploration of existing fields and underexplored continental basin. The West-African country’s downstream efforts are expected to grow by over two percent annually for the period 2020-2025 (AEC).
Later on, Petroleum Commissioner of Namibia’s Ministry of Mines and Energy, Maggy Shino, broadcast an overview of its upstream exploration and green hydrogen production opportunities. The commissioner placed focus on the Kudu gas field, exploring the highly prospective Orange Basin and developing cost-competitive green hydrogen.
“The beauty of Namibia [is that it] will give you the opportunity of a lifetime,” opened Maggy Shino in her address, themed Namibia: Beyond Venus and Graff.
The emerging producer is uniquely implementing an integrated hydrocarbon strategy that seeks to achieve first oil, while prioritizing the global energy transition and a diversified energy matrix, with two sister discoveries in 2022 positioning the country at the forefront of Africa’s upstream revival (AEC).
Furthermore, Namibia is expected to become a leading player in the regional hydrogen market, with competitive production costs – estimated as low as $2 per kilogram – making it an attractive option for energy-hungry nations amidst a challenging global climate.
In other speeches, Director General of the Petroleum Directorate of Sierra Leone, Foday B. L. Mansaray called for those investors to maximize Sierra Leone’s upstream oil and gas potential. The Petroleum Directorate seeks ‘‘to unlock the full potential of its national hydrocarbon resources, regulating the exploration and production of affordable, reliable and cleaner energy across Sierra Leone’’ (AEC).
In great anticipation, Senegal’s first oil and gas production is anticipated to begin in 2023 and 2024. Mamadou Fall Kane, Deputy Permanent Secretary of COS Petrogaz invited investors to capitalize on the sizable, energy sector-led growth set to transform the West African nation.
Senegal boasts numerous oil and natural gas reserves – estimated at 1.03 billion barrels, respectively – along with high potential for renewable energy and a geostrategic location on Africa’s western coastline (AEC).
Centurion Law Group
The Centurion Law Group was well represented at the Invest in African Energy Reception (London, 2023) as an opportunity to expedite the development of African energy potential whilst also facilitating commercial networking opportunities between Europe and Africa.
Members from the various African and German divisions attended to promote the wealth of experience that Centurion continues to provide for both local and international clients, in sectors such as technology and software, automotive, banks and financial institutions, investors and manufacturing on all corporate law issues, including company formation and due diligence.
The Centurion Law Group offers both commercial and business law flexible lawyers who provide comprehensive, informed and practical advice to support business objectives. Whether your business operates at a national or cross-border, Centurion will devise strategies to mitigate risk and maximize contract value.
By providing on-demand legal advice, Centurion supports its clients’ commercial contracts and arrangements concerning day-to-day and strategic business operations. They possess extensive experience drafting commercial contracts in areas including logistics, distribution, packaging and manufacturing and franchising, outsourcing and offshoring, e-commerce, licensing, advertising and sales promotion. Their flexible lawyers combine sector and technical knowledge and expertise with the ability to craft innovative contractual solutions.
The Centurion team can advise clients on whichever corporate goal they have, such as mergers, reorganizations, asset purchases and joint ventures, strategic alliances, shareholder agreements, structural planning, and day-to-day corporate management.
Are you an entrepreneur, a start-up or a SME with the goal to start up between or in Africa and Germany? Then our team will happily assist you on the legal side! We are specialized both in supporting multicultural businesses in Germany, in supporting African businesses in Germany and in supporting businesses across various African jurisdictions. While our support starts with providing help on immigration and relocation matters, it does not stop there – taxes, tech, intellectual property…You heard us! Contact us today to find out more!