The African continent has seen a decline in exploration activities, which has resulted in a decreasing number of discoveries across the continent’s rich basins. This decline has been attributed to limited investments across Africa’s upstream sector in recent years as well as the adverse effects of COVID-19 on the global economy.
But with exploration making a strong recovery in west Africa, particularly in the MSGBC region, the continent’s oil and gas industry is poised to experience unparalleled expansion.
The MSGBC Oil, Gas & Power 2022 conference will examine the upstream potential of west Africa and the entire MSGBC area from September 1–2, 2022, in Dakar, under the patronage of H.E. President Macky Sall (https://bit.ly/3usNWwk).
Discussions are expected to reveal new tactics for establishing Africa as a global energy powerhouse as they are explored in connection with the relevance of regional resources for fostering energy security in the continent.
Due to the previous discoveries made in the area, including the Yakaar-Teranga in Senegal, the Orca in Mauritania, and the Baleine in the Ivory Coast, an increasing number of international independents and majors are expressing interest in the area and have several exploration projects planned for 2022 and beyond.
In addition, as a result of the success of hosting some of Africa’s top explorers in the past five years by nations like Senegal, Mauritania, Ghana, and the Ivory Coast, an increasing number of exploration companies are planning to enter or expand footprints in the region in search of profitable discoveries.
Up to 19 high impact wells might be drilled in Africa between 2022 and 2023, with the bulk of them being located in east and west African nations, predicts The African Energy Chamber’s “State of African Energy” study. The area is destined to become a hub for hydrocarbon exploration as Senegal and the Ivory Coast are likely to issue licence rounds in 2022 and 2023, respectively.
According to Rystad Energy, a market intelligence company, there will be a 30 percent rise in exploratory drillings in the region in 2022 compared to 2021 levels. In 2022, compared to pre-COVID levels, exploratory drilling has already climbed by 50% as energy companies mobilise to take part in the oil and gas boom in west Africa and the MSGBC region.
While Kosmos Energy is extending its activities in Mauritania and Senegal and the Africa Oil Corporation is increasing investments in the Senegal and Guinea-Bissau Joint Development Zone, Eni has announced plans to increase drilling in the Baleine-2 appraisal well in the Ivory Coast.
Other companies, such as Bermuda-based BW Energy and American-based VAALCO Energy, will be conducting exploration in Gabon and Ghana, and Australia’s FAR has declared plans to invest in The Gambia’s Panthera, Jatto, and Malo possibilities.
The influx of exploration and production companies within MSGBC and west African nations highlights the openness and business friendliness of the area. In order to explore business development and policy requirements to increase exploration investments, legislators, investors, and leaders of the energy industry will be brought together at the MSGBC Oil, Gas & Power 2022 conference.
The MSGBC Oil, Gas & Power Summit is giving west African gas a global launchpad as well as optimising oil production to hasten the diversification of Africa’s energy mix for the purpose of reducing energy poverty and importing less as the energy transition takes centre stage and the demand for gas grows.
The MSGBC Oil, Gas & Power Summit will explore the future of the region’s energy sector and discuss crucial solutions to optimising exploration activities across the MSGBC region’s largely untapped basins under the theme, “The Future of Natural Gas: Growth Using Strategic Investment and Policymaking.”
About the MSGBC Oil, Gas & Power 2022 conference:
MSGBC Oil, Gas & Power will once again be held in Dakar, Senegal, under the patronage of H.E. Macky Sall, President of the Republic of Senegal. The event will act as a catalyst for investment and multi-sector development in 2022. Visit MSGBCOilGasandPower.com or email sales@energycapitalpower.com for more information.