Qatar and UAE states now eye investment in African energy sector

DOHA - Qatar and other UAE states are now eyeing to invest in the African energy sector .This was revealed ahead of the Invest in African Energy Dubai event which is set for next month .

The expo is expected to kickstart a new era of energy sector growth for Africa on the back of optimal cooperation on investment and industry know-how between the UAE and African stakeholders.

With Africa maximizing the development and exploitation of its estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves to address energy poverty and drive socioeconomic development, UAE, as one of the world’s largest hydrocarbon producers and investors, represents an ideal partner for the continent to maximize industry growth.

UAE companies – including the Abu Dhabi National Oil Company (ADNOC), Petrofac and the Emirates National Oil Company Group (ENOC) – have played a crucial role in stabilizing Africa’s entire oil and gas value chain.

ADNOC, for example, is enhancing Africa’s downstream operations with the recent launch of supertankers to boost Angola and the Democratic Republic of Congo’s fuel storage capacities.

The firm has also recently acquired a 50% stake in TotalEnergies’ retail business in Egypt while ENOC is constructing petroleum receiving and storage infrastructures for Tanzania to position the country as a petroleum hub for the East and Central Africa region.

Petrofac is also conducting extensive works for Tullow Oil within Mauritania’s Banda and Tiof Fields while a wide range of UAE investments have driven African upstream activities.

Africa has vast opportunities for Middle Eastern firms who are seeking expansion across the continent’s booming oil and gas industry and the Invest in African Energy Dubai Reception will showcase these opportunities, maximize existing partnerships while paving the way for new collaborations to enhance Africa’s oil and gas exploration, production, exploitation and monetization capabilities.

Meanwhile, the lack of adequate funding and infrastructure are the biggest constraints Africa’s hydrocarbons industry is facing. Middle Eastern investments in African oil and gas projects are significant in helping the continent address its growing energy needs.

On the renewables front, Middle Eastern private and public sector institutions are also in the forefront of driving investments and project implementation across Africa.

Companies such as AMEA Power, Masdar, the Abu Dhabi Fund for Development and the International Renewable Energy Agency continue to play a leading role in accelerating the penetration of solar energy, wind energy and green hydrogen across Africa.

In this regard, the Invest in African Energy Dubai event represents the best platform where Africa’s renewables potential is highlighted, discussed and investment and partnership deals negotiated and signed.

With Africa seeking to maximize its entire energy base to achieve a just and inclusive energy transition, Dubai is the best place for African countries to learn best practices to do so.

“The African Energy Chamber is honored to expand the Invest in African Energy 2023 event to Dubai. We believe Africa has a lot to learn from Dubai regarding how best the continent can make use of its oil and gas resources to make energy poverty history and achieve economic growth aspirations. The UAE and Middle East has become a global powerhouse on the back of optimal oil and gas exploitation while diversifying the energy mix with renewables. We are confident that Middle Eastern investments and technical expertise in oil and gas exploration, production, assets development and maintenance, as well as in monetization can bring the African industry and economies to greater levels,” states NJ Ayuk, the Executive Chairman of the AEC.

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