AEC Chair, Ayuk commends Africa’s oil & gas resilience

The fourth edition of the Angola Oil & Gas Conference & Exhibition recently took place in Luanda, Angola, bringing together regional energy leaders, national and international oil company executives, and global financiers. CNBC Africa's Tania Habimana caught up with African Energy Chamber Executive Chairman, NJ Ayuk, to discuss the key challenges and opportunities facing Africa's oil and gas sector. Ayuk commended Africa's resilience in the industry but also highlighted the need to address key issues such as attracting investments, transitioning to low-carbon economies, leveraging the African Continental Free Trade Area (AFCFTA), and reducing energy poverty. One of the key themes of the discussion was the importance of creating an enabling environment to attract investments into the continent's oil and gas projects. Ayuk emphasized the need to cut red tape, improve fiscal policies, and establish attractive environments to compete globally for financing. He highlighted the need to move quickly from prospects to tangible projects and urged African countries to take the necessary steps to make their countries investment-friendly. Ayuk also addressed the global shift towards low-carbon economies and stressed the importance of establishing master plans to transition while leveraging gas and addressing energy poverty. He emphasized the potential of the AFCFTA to transform the oil and gas sector by enabling intra-African trade and connecting African nations to drive energy products across the continent. Ayuk underscored the role of policymakers in enacting the AFCFTA and removing barriers such as visas to facilitate seamless energy trade within Africa. Another key point of the discussion was the need for African governments to prioritize reducing energy poverty by incentivizing growth and leveraging the private sector. Ayuk suggested unbundling public utilities to create competition, attract private sector investments, and drive entrepreneurship in providing power to communities. By incentivizing private sector involvement and creating market-driven policies, Ayuk believes that Africa can overcome energy poverty and create job opportunities for its young population. He emphasized the importance of closing the skills gap and leveraging entrepreneurship to bridge the infrastructure deficit and drive progress in the oil and gas sector. In conclusion, Ayuk's insights shed light on the challenges and opportunities facing Africa's oil and gas sector, emphasizing the need for proactive measures to attract investments, transition to sustainable energy solutions, leverage intra-African trade, and reduce energy poverty to drive growth and development in the continent's energy landscape.