Fuel for Thought
Crude Oil, Petroleum Products will Continue to be Important in Africa
Mar 27 2023
During the African Refiners & Distributors Association Conference, Wale Ajibade, the Executive Director of Savannah Group, delivered a presentation on the future of Africa's energy sector. Ajibade emphasized that Africa's projected growth trends indicate an increase in energy demand over the next few decades, driven by industrialization and urbanization. To enable energy independence and sustainability, he recommended investing in the construction of new refineries and modernizing existing infrastructure. He also identified natural gas as a viable solution, with roughly 13% of global natural gas reserves based in Africa and suggested leveraging technology to address pipeline theft and vandalism.
As Africa transitions towards cleaner sources of energy, Ajibade shared insight into Sahara Group's operations and agenda, stating that the company invests in a gas-heavy portfolio and has begun the process of eliminating gas flaring across all its upstream assets. He also noted that Africa receives less than 3% of global investment in renewable energy, and suggested implementing financial options such as blended finance, green bonds, risk mitigation instruments, innovation, and carbon markets to attract more investment.
The 2023 edition of African Energy Week, taking place in Cape Town from October 16-20, will center on deals, networking, and collaboration, with high-level panel discussions and presentations. The event represents a not-to-be missed opportunity for financiers and project developers to engage and drive new investment in Africa's energy sector.
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