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The African Energy Chamber (AEC) hosted senior industry leaders at a breakfast event entitled, “The role of indigenous oil and gas resources in developing South Africa’s economy”. Participants included international oil companies, local and internationally operating services companies and the public sector. Speakers included Niall Kramer, CEO of the South African Gas Alliance (SAOGA), Petroleum Agency South Africa’s Resource Evaluation Manager Dave Van de Spuy, the Department of Trade and Industry’s Director of Up and Midstream Oil & Gas Kishan Pillay, and AEC’s Senior Vice President Verner Ayukegba, amongst others. The main topic of discussion was how Total’s recent offshore gas discovery could be best harnessed for the benefit of South Africa’s local companies and the economy at large.

Advising on regulatory framework and oil investment matters, Centurion Law Group CEO and AEC Executive Chairman NJ Ayuk, said the natural resources story in Africa doesn’t always have to be the same. “South Africa has a great opportunity to get it right and make oil-and-gas work for everyone. Gas monetisation is key to development and job creation. Policy makers have a huge role to play and a lot of good deals will be done for local companies. We hope field development plans will not be delayed and a quick offering of more oil blocks to explorers like ExxonMobil, Eni and others to drill will be good for the industry and the country.” He further called for more industry collaboration on key issues pertaining to Nigeria’s oil and gas industry. He also recommended investing massively in energy infrastructure and building a robust petrochemical industry whilst ensuring that energy security is placed as a high priority agenda by both the Nigerian government and the country’s oil industry. This notably involves the signing of the Petroleum Industry Bill.

“The Chamber continues to be bullish about the potential of Nigeria and the investment opportunities for energy industry players here,” declared NJ Ayuk. “Many young Nigerians look at the energy industry for training, empowerment, innovation, and not just any job but good jobs. The oil industry is going to continue being the largest investor in the country and recognizes its responsibility to work with all Nigerians to ensure that the resources benefit every Nigerian and the dignity of work becomes real. Passing pro-growth legislation that incentivizes growth and provides confidence to all investors is important,”

“At the African Energy Chamber we are seeing a great number of Nigerian companies seeking to expand across Africa, including Senegal, Ghana, Equatorial Guinea, Gabon, Congo and South Sudan,” added NJ Ayuk. “We need to encourage African companies to take the lead in the development of the continent’s oil & gas industry.”

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