The International Energy Agency, an international agency, projects that Africa will spend $110 billion on energy in 2024 (IEA). According to the IEA’s World Energy Investment 2024 study (http://apo-opa.co/464PGxm), $70 billion of Africa’s energy expenditures will come from the continent’s supply and use of fossil fuels (http://apo-opa.co/461wgJP). Given this expansion, Rita Madeira, Program Officer for IEA Africa, has been invited to speak at this year’s MSGBC Oil, Gas&Power 2024 conference and exhibition (http://apo-opa.co/466EDna), which is being held in Dakar, Senegal, from December 3–4. She will likely share her knowledge of the opportunities and challenges surrounding energy access in West Africa.
Madeira has worked on infrastructure and electricity projects around the continent with African countries. Her work with the IEA advances the goals of energy access and the continent’s clean energy transition plan. She has also contributed to improving energy data gathering and strengthening ties between the organization and nations in sub-Saharan Africa. Her presence at MSGBC 2024 will thus be an excellent opportunity to demonstrate how underutilized hydrocarbon and renewable energy resources can be used to stimulate the growth of regional power.
Investigate possibilities, build alliances, and maintain a leading position in the oil, gas, and power industry in the MSGBC area. For information on how to guarantee your spot at the MSGBC Oil, Gas&Power 2024 conference, visit www.MSGBCOilGasandPower.com. For sponsorship or delegate participation, please reach out to sales@energycapitalpower.com.
According to the IEA’s analysis, Africa’s yearly energy investments amount to only 1.2% of the continent’s GDP, which is inadequate to meet the targets for universal access and climate change by 2030. Through 2030, annual investments of up to $200 billion would be needed to meet the rising energy demand brought on by population increase. According to the research, in order to draw in and expand finance for renewable energy projects, Africa has to quicken its investments in grid modernization and extension, boost grant money for families who are at risk, and derisk projects.
According to the research, there will be $570 billion in worldwide investment in upstream oil and gas this year, which is 7% more than in 2023. It’s anticipated that current fields will get around 40% of all upstream investment, with frontier fields receiving about 33%. The last 7% of the investment will go into unconventional formations that hold petroleum.
Major oil and gas discoveries have been made in the MSGBC region, including the $4.6 billion Greater Tortue Ahmeyim development, which is located offshore Senegal and Mauritania, the $5.2 billion Sangomar field development, which is located offshore Senegal, and the $4.6 billion BirAllah gas field, which is located offshore Mauritania. Because of this, a large wave of investment is anticipated in the development of oil and liquefied natural gas in the next years when new projects begin operations in the latter part of the decade.
The research states that in addition to upstream investment, oil and gas corporations increased their investments in sustainable energy to over $30 billion by 2023. The highest increase in low-emission fuel investment was seen in hydrogen electrolyzers, which now account for almost $3 billion annually. While their regional peers speed up the construction of renewable energy systems, nations like Mauritania and The Gambia are moving closer to getting funding for billion-dollar hydrogen projects. The $34 billion green hydrogen project in Mauritania, The Gambia’s green hydrogen plan, and Guinea-Conakry’s implementation of its 300 MW Amaria and 294 MW hydro projects are among the exciting projects to watch.
The IEA released its study on Renewable Energy Opportunities for Mauritania at the 2023 MSGBC Oil, Gas & Power. The main conclusions of the research were delivered by Madeira, who highlighted the excellent wind and solar resources in Mauritania as well as the government’s goal of sustainable economic growth. Madeira will provide an update on capital expenditure predictions, critical areas of development in MSGBC energy, and prospects for grid modernization and extension during this year’s event, building on the results of the research.