According to the International Energy Agency (IEA), Africa’s energy expenditure is projected to reach $110 billion by 2024. The IEA’s report, World Energy Investment 2024, indicates that fossil fuel supply and power will contribute $70 billion to Africa’s energy expenditure. Rita Madeira, the IEA Africa Program Officer, will share insights on energy access challenges and opportunities in West Africa at the upcoming MSGBC Oil, Gas&Power 2024 conference in Dakar on December 3-4.
Madeira has experience collaborating with African governments on power and infrastructure projects. Her work focuses on supporting Africa’s clean energy transition and energy access goals. She will discuss leveraging untapped hydrocarbon and renewable energy resources to drive regional power development at the event.
Explore opportunities in the oil, gas, and power sector of the MSGBC region by visiting www.MSGBCOilGasandPower.com. To participate in the conference as a sponsor or delegate, contact sales@energycapitalpower.com.
The IEA report highlights the need for increased annual energy investments in Africa to meet universal access and climate-related goals by 2030. To address the growing energy demand driven by population growth, approximately $200 billion in investment per year is required. Africa should focus on accelerating grid modernization, expanding grant funding for vulnerable households, and de-risking projects to attract renewable energy funding.
The report also reveals that global investment in upstream oil and gas is expected to reach $570 billion this year, with a notable portion allocated to existing fields. Major oil and gas discoveries in the MSGBC region, such as Greater Tortue Ahmeyim, Sangomar, and BirAllah, are leading to a wave of investment in oil and liquefied natural gas development.
Furthermore, sustainable energy investment by oil and gas companies reached around $30 billion in 2023. Hydrogen electrolyzers saw significant growth in low-emission fuel investment, with Mauritania and The Gambia securing investment for large-scale hydrogen projects. Exciting renewable energy projects, including green hydrogen initiatives in Mauritania and Guinea-Conakry, are driving the region’s energy transition.
At the 2023 MSGBC Oil, Gas&Power event, the IEA introduced the Renewable Energy Opportunities for Mauritania report. Madeira will provide updates on the report’s findings this year, outlining capital expenditure projections, growth areas in MSGBC energy, and opportunities for grid modernization.
This content is distributed by APO Group on behalf of Energy Capital&Power.