• Friday, July 12, 2024
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AGIS calls for urgent reform of Africa’s energy landscape

AGIS calls for urgent reform of Africa’s energy landscape

The Africa Gas Innovation Summit (AGIS) has identified the need to urgently reform Africa’s energy landscape to boost the economic well-being of the continent.

At the just concluded summit in Abuja, stakeholders said the increasing growth in the number of players in Africa’s gas space underscores the fact that developing Africa’s vast gas resources present a path to a sustainable future.

They said countries such as Ghana, Tanzania, Senegal, Mauritania, Mozambique, Namibia, and Uganda recently joined leaders including Nigeria, Egypt, Algeria, Gabon, and Angola in the gas space.

“Our easiest path to a sustainable future lies in our gas resources and the shortest path to developing these gas resources is through collaboration and innovation,” said Salahuddeen Tahir, chairman of the Society of Petroleum Engineers (SPE), Nigeria Council.

Tahir said Africa’s energy sector is facing challenges such as financing gaps, technological and skills deficiencies, high production costs, inadequate infrastructure, global pressure for cleaner energy, and security concerns.

Read also: African leaders converge in Nigeria to harness gas for economic development

Envisioned as Africa’s premier annual gas event, AGIS will rotate across African states in the future, serving as a hub for the exchange of ideas on harnessing Africa’s gas resources to drive economic growth and prosperity.

It promotes the Penta Helix model, engaging government, industry, academia, the entrepreneurial community, and venture financial institutions to foster innovation.

It is expected that the inaugural edition of AGIS will herald a new era of innovation and collaboration aimed at leveraging Africa’s abundant gas resources for sustainable development.
“Collaborative initiatives, such as the Nigeria-Morocco Gas Pipeline and the Tanzania-Uganda Gas Pipeline, highlight the importance of cooperation. Moreover, the African Energy Bank (AEB) establishment by Afreximbank and the Africa Petroleum Producers Organisation (APPO) underscores the collective efforts required to support African gas producers,” Tahir said.

Also, Mele Kyari, group chief executive officer of Nigerian National Petroleum Company (NNPC) Limited, represented by Olalekan Ogunleye, executive vice president of Gas, Power, and New Energy at NNPC Ltd, said Nigeria has substantial natural gas resources with potential to address energy deficiencies and drive economic growth.

Kyari said NNPC is committed to sustainable energy solutions through various gas infrastructure projects, floating LNG projects, and initiatives to commercialise gas.

“Nigeria’s natural gas resources, approximately 209 TCF can address sub-Saharan Africa’s energy deficiency by providing electricity, clean cooking fuel, autogas, and industrial feedstock, thereby generating wealth and improving well-being,” Kyari said.

Speaking on behalf of the Association of Energy Correspondents of Nigeria (NAEC), Ugo Amadi, chairman, said the summit helps in exploring opportunities within Nigeria’s gas sector and fostering technological development and innovation across Africa.

He called for supportive policies, strengthened capacities, and collaboration among key sectors to drive sustainable energy development.

AGIS 2024 had a lineup of collaborators, led by the SPE Nigeria Council among others, and supported by the Nigerian National Petroleum Company (NNPC) Limited, Petroleum Technology Development Fund (PTDF), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the African Energy Chamber (AEC).