Keynote speaker: TBA

Conveners: TBA

Africa is rich in resources, spanning across minerals to oil and gas. For a number of years, crude oil has been a major revenue driver for many African nations. Crude deposits are abundant, and the continent remains a hotbed for new exploration targets. The African continent is home to five of the top thirty oil producing countries in the world, and in 2019, accounted for about 7.9 million barrels per day (9.6%) of the total global output. This is slightly lower from the heights of 2005 to 2021 when African nations produced nearly 10 million barrels a day, and the production decline between 2010 to 2015 was mainly due to the drop in global crude prices.

In 2021, the continent’s proven oil reserves stood at roughly 125 billion barrels recoverable. For years, Nigeria was ranked as the highest oil producing nation in Africa, but in 2022 this was abruptly changed when Angola overtook the oil giant in first place. The latest statistics suggest that the African rankings are as follows: Angola; Nigeria; Algeria; Libya; Egypt; Republic of Congo; Gabon; Ghana; Equatorial Guinea and Chad. Oil and gas development, depending on the scale, can lead to a total transformation of a country’s economy; delivering high skilled jobs, other forms of associated employment and other benefits particularly if there is the correct focus on local content development and supply chain management, examples are Dubai, Bahrain, Norway, Chad and Canada. Existing sectors will also be enhanced to ensure continued diversity in the economy.

Despite the global slowdown in fossil fuel developments and investment, Africa has been accelerating oil and gas exploration. Sizeable oil discoveries made over the past five years have only further positioned the continent as the final frontier for hydrocarbon exploration.  Some of the more notable discoveries in recent times is the Venus discovery made by Total offshore Namibia in the Orange basin, shortly thereafter, Shell’s announcement of their discovery just 50 kilometres inboard of that. Other discoveries from across the continent include Cote D’Ivoire, where Italian oil major ENI announced reserves estimated to be around 1.5 to 2 billion barrels of oil. Ghana was also present, where ENI, again announced success in the Eban exploration prospect in Block 4, offshore Ghana. In Angola, ENI also made a sizeable discovery in the deep offshore Block 15/06 which potentially be between 200 and 250 million barrels. The resource curse, or the negative impact of oil abundance on long-term economic growth for oil exporting countries is worth mentioning. Historically as seen in many African countries, there is evidence suggesting that the relationship between a country’s natural resource endowment and it’s long-term economic development is negative. 

ST14_S01- Oil fields of Africa

Conveners: TBA

Africa is home to several significant oil fields that play a crucial role in the continent's oil and gas industry. One of the notable oil fields is the Niger Delta, located in Nigeria. It is one of the largest and most prolific oil-producing regions in Africa, with extensive reserves and a long history of oil production. Another prominent oil field is the Bonga Field, also in Nigeria, which is known for its deepwater production and substantial reserves. Offshore fields such as Girassol Field in Angola and Jubilee Field in Ghana have contributed to the growth of oil production in their respective countries. Additionally, other significant oil fields in Africa include the Rovuma Basin in Mozambique, the Albertine Graben in Uganda, and the Congo Basin in the Democratic Republic of Congo. These oil fields are vital for the energy sector, economic development, and foreign investment in Africa, driving revenue generation and employment opportunities in the region.

ST14_S02- New hydrocarbon discoveries in Africa

Conveners: Roger Swart

Africa continues to witness new hydrocarbon discoveries that have the potential to transform the continent's oil and gas industry. Recent years have seen significant discoveries in various regions. One notable example is the major natural gas discoveries in East Africa, particularly in Tanzania and Mozambique. The Rovuma Basin in Mozambique is known for its substantial gas reserves, making it a promising area for future production and export. In West Africa, significant discoveries have been made offshore, including the Tortue Field located on the maritime border between Senegal and Mauritania. This offshore field contains vast reserves of natural gas and has the potential to become a major source of energy for both countries. Additionally, in North Africa, Egypt has made substantial offshore gas discoveries in the Mediterranean Sea, leading to increased production and becoming a key player in the region's gas market. These new hydrocarbon discoveries in Africa provide opportunities for economic growth, foreign investment, and energy development, positioning the continent as a significant player in the global energy landscape.

ST14_S03- Do oil discoveries equate to resource curse?

Conveners: TBA

The relationship between oil discoveries and the resource curse in Africa is a complex issue that varies from country to country. While oil discoveries have the potential to bring significant economic benefits and drive development, they can also lead to challenges commonly associated with the resource curse. The resource curse refers to a phenomenon where resource-rich countries experience economic and social challenges, including corruption, economic volatility, inequality, and political instability.

In some cases, oil discoveries in Africa have indeed contributed to the resource curse. Weak governance, lack of transparency, and mismanagement of revenues have resulted in the misallocation of resources, limited economic diversification, and increased dependency on oil revenues. These factors can exacerbate existing social and economic inequalities and hinder sustainable development.

However, it is important to note that the resource curse is not inevitable. Some African countries have successfully managed their oil resources, implementing policies and institutions that promote transparency, accountability, and sustainable development. These countries have focused on investing oil revenues in sectors such as infrastructure, education, and healthcare, diversifying their economies, and promoting inclusive growth.

The key to avoiding the resource curse lies in effective governance, strong institutions, and prudent management of oil revenues. By implementing sound policies, promoting transparency, and investing in human capital and diversification, African countries can harness the potential benefits of oil discoveries while mitigating the risks associated with the resource curse.

ST14_S04- Opportunities for local content, downstream, upstream and sidestream linkages in the hydrocarbon industry

Conveners: TBA

The hydrocarbon industry in Africa offers significant opportunities for the development of local content and the establishment of linkages throughout the value chain. Local content initiatives aim to maximize the involvement of local companies, suppliers, and workforce in the industry's activities, thereby fostering economic growth, job creation, and technology transfer. In the downstream sector, there are opportunities for African countries to develop refineries, storage facilities, and distribution networks, enabling them to add value to their hydrocarbon resources and meet domestic energy demands. In the upstream sector, local content policies can encourage the participation of domestic companies in exploration and production activities, enhancing their technical capabilities and driving local economic development. Additionally, sidestream linkages can be established by leveraging hydrocarbon resources to develop petrochemical industries, power generation projects, and manufacturing sectors, creating diverse opportunities for economic diversification and value creation. These opportunities for local content, downstream, upstream, and sidestream linkages in the hydrocarbon industry in Africa contribute to sustainable development, job creation, and the empowerment of local communities