While Sierra Leone announced that they are on the cusp of discovering oil and gas, it was also reiterated at the recent Africa Energy Week that equity partnerships in terms of investment are also important.
Mr. Foday Mansaray the Director General, of the Petroleum Directorate of Sierra Leone, also spoke at the conference. He said”Sierra Leone is on the cusp of discovering oil and gas. There is an estimated 8 trillion cubic gas and oil. Next year we will start drilling and this will put us on the map as a producer of oil and gas and help with energy and energy and fuel security. We will produce fuel and gas. Traditionally Sierra Leone is a mining country, but if you look at Equatorial Guinea, you will see how natural resources have helped the country.”
There was also a discussion about energy partnerships between Africa and the world and that the continent must define its narrative and defend its stand in the context of the global energy revolution. Derek Campbell the Executive Chairman of African Metals Group explained that more equitability is needed when it comes to partnerships. “But Africa needs to lead that discussion and the US need to be flexible in how it deals with countries in Africa. Companies also need to invest back into the countries they work in. In this way, both parties will benefit. Equitability in partnerships will drive infrastructure development across industries,” he said.
Gabriel Mbaga Obiang Lima the Minister of Mines and Hydrocarbons in the Republic of Equatorial Guinea, said with 1,1 billion barrels of oil reserves and 1,5 trillion cubic feet of natural gas the country wants to become a leading African hydrocarbon hub. “Infrastructure is important for the export of gas. But we also need to talk about energy security which is going to help us to bring electricity to our communities. The next phase is industrialization and we need fossil fuels for that,” the minister said.
During the conference, it was also discussed that Africa is a place where major discoveries are made and that the continent can help with the world’s energy needs. Dr. Justice O. Derefaka from the Nigerian Ministry of Petroleum Resources, said: “We have an infrastructure deficiency in Africa. We should move from an oil-dependent country to gas. The country has more gas and we should invest in it. Africa has the potential to boom in terms of these natural minerals.”
NJ Ayuk Executive Chairman of the African Energy Chamber, said: “The African energy sector is set to boom in 2023. This is due to increased oil and gas activity and a record number of discoveries. In Namibia alone for example two breakthrough discoveries, Shell’s Graff and Total Energies’ Venus-1X, have opened frontier oil play onshore. It is predicted that Venus-1X may hold recoverable oil, making it Sub-Saharan Africa’s largest oil discovery. In Northeast Namibia and northwest Botswana, Recon Africa has licensed operations for the newly discovered 8,5 million acres of Kavango Basin, one of the world’s largest onshore undeveloped basins.
“Eni discovered the Baleine field in Cote d’Ivoire last year, which contains as many as 2 billion barrels of recoverable oil and gas offshore. In Angola, Total Energies is drilling for the first time since 2018,” Ayuk said.