With west Africa and the MSGBC region emerging as a hub for oil and gas exploration, this year’s MSGBC Oil, Gas & Power summit offers a platform to strike lucrative exploration deals for Africa’s hydrocarbon expansion
DAKAR, Senegal: Due to limited investments across Africa’s upstream sector in recent years coupled with the negative impacts of COVID-19 on the global economy, the African continent has witnessed a decline in exploration activities resulting in a shrinking number of discoveries across the continent’s rich basins.
However, with exploration making a strong comeback across west Africa, specifically in the MSGBC region, Africa’s oil and gas sector is set to witness unprecedented growth.
The MSGBC Oil, Gas & Power 2022 conference (https://bit.ly/3urJu0P), which takes place from 1 – 2 September 2022 under the patronage of H.E. President Macky Sall (https://bit.ly/3usNWwk) in Dakar, will explore the upstream potential of west Africa and the collective MSGBC region.
Explored in conjunction with the significance of regional resources for driving African energy security, discussions are set to unlock new strategies for positioning the continent as a global energy giant.
Owing to the region’s previous discoveries such as Senegal’s Yakaar-Teranga, Mauritania’s Orca and Ivory Coast’s Baleine, an increasing number of international independents and majors are showing interest in the region with multiple exploration projects lined up for 2022 and beyond.
Moreover, with countries such as Senegal, Mauritania, Ghana and Ivory Coast successfully hosting Africa’s top explorers in the last five years, an increasing number of exploration companies are set to enter or expand footprints in the area in their search of lucrative discoveries.
According to the The African Energy Chamber’s “State of African Energy” report, up to 19 high impact wells will be drilled between 2022 and 2023 in Africa with the majority of them located in east and west African countries.
With Senegal and Ivory Coast expected to award licensing rounds in 2022 and 2023, the region is set to become a hydrocarbon exploration hive. Market intelligence firm, Rystad Energy, forecasts that a 30% increase in exploratory drillings will be recorded across the region in 2022, compared to 2021 levels.
Already, exploratory drilling has increased by 50% in 2022 compared to pre-COVID levels as energy firms rally to participate in west Africa and the MSGBC region’s oil expansion and gas rush.
Eni has announced plans to expand drilling in the Baleine-2 appraisal well in the Ivory Coast while Kosmos Energy is expanding its operations in Mauritania and Senegal, with the Africa Oil Corporation boosting investments in the Senegal and Guinea-Bissau Joint Development Zone.
Other firms including Bermuda-based BW Energy and U.S. based VAALCO Energy will also be exploring in Gabon and Ghana, while Australia’s FAR announced plans to invest in exploration activities in the Panthera, Jatto and Malo prospects of The Gambia.
Exploration and production firms flocking to MSGBC and west African countries highlight the region’s openness and ease of doing business. In this regard, the MSGBC Oil, Gas & Power 2022 conference is committed to connecting policymakers, energy industry leaders and investors to discuss business development and policy requirements to boost exploration investments.
With the energy transition taking center stage and the demand for gas expanding, the MSGBC Oil, Gas & Power summit is providing west African gas with a global launchpad whilst also optimizing oil production to accelerate the diversification of Africa’s energy mix for energy poverty alleviation and the reduction in imports.
Under the theme, ‘The Future of Natural Gas: Growth Using Strategic Investment and Policymaking’, the MSGBC Oil, Gas & Power summit will explore the future of the region’s energy sector and discuss critical solutions to optimizing exploration activities across the MSGBC region’s largely untapped basins.
About the MSGBC Oil, Gas & Power 2022 conference:
Under the patronage of H.E. Macky Sall, President of the Republic of Senegal, MSGBC Oil, Gas & Power will once again take place in Dakar, Senegal, with the event serving as a catalyst for investment and multi-sector development in 2022. To find out more visit MSGBCOilGasandPower.com or contact firstname.lastname@example.org.