02 October 2020 – To attract investments, African governments need to improve the ease of doing business. This point was raised earlier this week during a webinar held jointly by the African Energy Chamber, the International Association of Geophysical Contractors (IAGC), and the International Association of Drilling Contractors (IADC) Nigeria Chapter.
During the webinar participants analysed the future of African exploration projects, ways to create enabling environments to do business, as well as formulating innovative measures to create an inclusive industry that represents women and the youth.
Many African projects experience force majeure or experience slight delays across the upstream and midstream sector which often results in job losses across the board. Irrespective of the difficult circumstances, the oil and gas industry remain the backbone of most African countries. Oil producing countries such as Nigeria and Angola continue to face the hardship of these repercussions. While Nigeria has been a strong advocate for the adoption of economic models to make doing business easier and foster opportunities that allow for collective growth, there still is much to be done by government and advisory boards throughout the industry.
In terms of local policy development and the expansion of energy infrastructure, the panel had much to say about government playing their role in influencing a successful environment post Covid-19. Other key highlights were discussions about the need to encourage young people and women to participate in the oil and gas industry, and the need to engage in joint ventures and understand markets well-enough to provide the right kind of data for investors. There is light at the end of the tunnel if the right incentives are granted and the correct policy reforms are adopted.
Closing remarks from all panelists focused on the many opportunities that exist in natural gas, especially after Covid-19. Given the complexity of Africa and its challenges, environmental programs can seek to empower nations across the continent and advance existing matters through the use of science and data to enable the role of investment and open up local content opportunities which leads to the road of sensible regulations, business engagements and other areas alike.
Distributed by APO Group on behalf of African Energy Chamber