April 17, 2024
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OIL & GAS

African Nations Priotise to Develop 620trn Cubic Feet of Gas Reserves

African nations have expressed commitment toward the development of their 620 trillion cubic feet of proven gas reserves, targeted at bolstering energy security, industrialization and environmental sustainability.

The continent is also committed to the development and exploitation of its estimated 125.3 billion barrels of proven crude oil reserves, Vanguard reports.

In a statement, the African Energy Chamber, AEC, stated: “Africa is prioritising the development and exploitation of its estimated 125.3 billion barrels of proven crude oil and 620 trillion cubic feet of proven gas reserves under efforts to bolster energy security, industrialization and environmental sustainability.

“Collaboration with forward-thinking local oil and gas companies such as Nigeria-based independent firm Amni International is essential in this endeavour and will help drive resource monetization while stimulating job creation and economic growth.

AEC also announced the return of Amni International at Africa’s premier event for the energy sector, African Energy Week (AEW) 2023 – scheduled for October 16 to 20 in Cape Town.

“After a successful AEW 2022 edition, during which the company secured a $600 million financing deal with the African Export-Import Bank (Afreximbank) to support upstream operations, Amni International’s return as a Bronze Sponsor underscores the conference’s pivotal role in advancing Africa’s energy market.

According to the statement, “AEW 2023, as the official platform where Africa’s energy market growth opportunities are discussed, offers an ideal setting for Amni International representatives to engage in networking, establish fresh partnerships, and bolster existing collaborations with African regulators, key industry figures, and global stakeholders.”

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