The African Energy Chamber (AEC) has revealed that the key target of its members participation at the upcoming 49th International Association of Geophysical Contractors’ (IAGC) Annual Conference is to among other things, encourage further participation of U.S. companies in Africa’s energy industry.
Accordingly, the AEC has launched key discussions on the promotion of further collaboration between the U.S. and Africa in the event coming up this week in Houston, Texas.
The group said in a statement made available to Business Hilights that “In executing this mission, the Chamber alongside the IAGC recognizes the need for Africa to boost onshore and offshore exploration activities and facilitate access to the latest geophysical technologies and industry best practices. Further, the organizations recognize the importance of supporting local content development and joining forces to promote investments, international partnerships and technology transfers.”
“Beyond exploration, a sizeable opportunity lies in natural gas for the growth of the US-African energy cooperation. As Africa increasingly relies on gas to power its industries and generate economic growth and local value, US capital and technology in gas-to-power and gas monetization and derivatives can bring tremendous benefits to the continent. American expertise, technologies and policies when it comes to natural gas could significantly support Africa’s energy transition if properly shared and transferred.
Explaining more, Senior Vice President at the Chamber, Verner Ayukegba said “Our ongoing conversations in the US with oil and gas players here are very positive, and our talks with the US government have further showed the need for deepening ties in the energy sector, especially in the private sector.”
“Deal making has been key to our visit here. The presence of the Chamber in Houston is a strong blue print for a new energy contract with Africa. The Chamber has agreed to lead various initiatives in Africa with US companies to bring in capital and technical abilities that will improve growth,” he added.
Although Africa boasts vast petroleum resources and a growing business environment, the Chamber understands that the continent still has a long journey ahead in realizing its full potential. Forming part of the solution to this is ensuring that the business environment remains appealing to U.S. companies, ensuring that they not only enter our markets but continue their business in the long term. As African nations like Angola, Equatorial Guinea, Gabon, Senegal, Egypt, Nigeria and Ghana are already seeing an uptick in US investment, the also Chamber believes that more has to be done on mid-size investment.
Also speaking, the Executive Chairman of the African Energy Chamber, Barr. NJ Ayuk averred that “As the continent increasingly makes advancements in key industries, there are more challenges and opportunities that are presented. With this, it is up to bodies such as the Chamber to note key areas of development and improvement, and forge suitable partnerships and build relationships with governments and private sector companies that will see the continent carry out its plans for economic growth and development.”
“Africa nations must show a commitment to good governance, put in place market-driven reforms, provide better fiscal terms for explore, and ensure an enabling environment to foreign investors so Africa can benefit from a renewed and growing interest coming from the US,” Ayuk added.
