OHANNESBURG, South Africa, July 26, 2022/ — The African Energy Chamber (AEC) is proud to announce the participation of Honorable Abdoulie Jobe, Minister of Petroleum & Energy of The Gambia, at the African Energy Week (AEW) (www.AECWeek.com) conference and exhibition – Africa’s leading investment platform for the energy sector which will take place from 18 – 21 October 2022, in Cape Town. Representing one of Africa’s fastest growing frontier upstream destinations, Hon Jobe will be coming to Cape Town to make a strong play for upstream investment across The Gambia’s high potential oil and gas market.
With The Gambia targeting new foreign direct investment across the oil and gas industry to accelerate exploration activities whilst fast-tracking infrastructure and project development, AEW 2022 provides an ideal platform for the minister to promote the vast opportunities present across the west African country’s expanding hydrocarbons market. To date, favorable fiscal terms, an investor-friendly climate and the presence of hydrocarbon-rich basins have driven massive investments as well as the launch of large-scale exploration campaigns by international companies including bp, PetroNor, Tullow Oil, Petronas, FAR, Woodside and Kosmos Energy – resulting in the discovery of 1.5 billion barrels of potential oil in the Panthera, Jatto and Malo prospects.
What’s more, the anticipated launch of The Gambia’s second licensing round in 2022 – opening up five offshore and two onshore blocks for exploration – is expected to increase investment as well as international company participation further, while fast-tracking the exploitation of hydrocarbons for energy security in Africa. Additionally, the presence of massive oil and gas reserves in neighboring basins such as in Mauritania and Senegal not only boost investor confidence in the country but positions The Gambia as an ideal exploration hub for companies seeking to make major discoveries such as those in the Greater Tortue Ahmeyim and Yakaar-Teranga developments. Accordingly, the sector is ripe for investment and during AEW 2022, insight into such opportunities will be provided for by the minister.
Meanwhile, with only just over one third of The Gambia’s population having access to electricity and less than 3% to clean cooking, the exploitation of oil and gas resources is non-negotiable for the government to achieve its 2025 target of universal access to modern, reliable and affordable energy. With the demand for African oil and gas expanding globally owing to rising global demand and increases in economic and industrial activities, an ambitious energy market strategy coupled with the country’s strategic location and close proximity to international markets such as Europe present a huge opportunity for the market to evolve into a global energy hub. In this regard, Hon Jobe will participate in high-level meetings and panel discussions at AEW 2022, making a strong case for the role of Gambian oil and gas in ensuring energy security at local, regional and international levels.
Not only does The Gambia’s hydrocarbon reserves present an opportunity to address energy security but the resources are key for fast-tracking economic growth. With The Gambia prioritizing local content development and capacity building across the oil and gas sector, doors are opening for economic and GDP growth through job creation and the increased participation of the local workforce and companies.
In 2022, Hon Jobe is prioritizing diversifying the energy mix through increased deployment of renewable energy-based solutions such as solar, wind, hydropower and mini-grids whilst modernizing grid transmission and distribution networks to enhance electrification rate, with AEW 2022 presenting the ideal platform for The Gambia to identify the right partners and discuss, negotiate and sign energy deals that will assist with poverty reduction and economic development.
“The Chamber is honored to have Hon Jobe participate at AEW 2022 as he moves to strengthen regional, international and public and private sector investments across The Gambia’s oil and gas sector. We plan to do a special invest in the Gambia showcase. We believe that the success of both The Gambia and Africa’s economic growth lies within the full exploitation of hydrocarbons resources,” states NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC).
At AEW 2022, Hon Jobe will participate in the Ministerial Forum as well as in high-level discussions, providing an update on policy, capacity, institutional and infrastructural developments within The Gambia’s energy sector. In addition to promoting Gambian investment opportunities, the minister will shape discussions around critical issues including energy poverty, security and investments.
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About AEW 2022:
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.
SOURCE
African Energy Week (AEW)
