The African Oil and Gas industry is showing signs of an auspicious future with renewed investor interest and burgeoning confidence on the continent following continued upward movement in oil prices and recent oil and gas discoveries.
This was noted by the host of panel discussions, country and company presentations at the recently concluded 25th edition of the Africa Oil Week, AOW, at the Cape Town International Convention Centre, in Cape Town, South Africa.
AOW, the continent’s leading annual oil and gas gathering, marked its 25th year with its largest delegation to date.
Over 1,900 guests, including CEOs, government officials, and oil and gas executives from over 70 countries attended the event.
Nigeria was well represented as Africa’s largest oil producing nation.
In attendance were Dr. Ibe Kachikwu, Nigeria’s Minister of State for Petroleum; Mr. Simbi Wabote, Executive Secretary of the Nigerian Content Developing and Managing Board, NCDMB, and Group Chief Executive, Oando Plc, Wale Tinubu, among others.
Speaking on an economic outlook panel titled: Can Africa’s Ppstream Play a Significant Role in the Context of the Global and Regional Energy Landscape Tinubu said: “We have been substantially supported by the government’s local content policies which have effectively enabled indigenous players to step in and play a significant role in the sector. In Nigeria today, out of the two million barrels of oil being produced, 400,000 can be attributed to indigenous production”.