Africa Oil Week starts in South Africa

Africa Oil Week kicked off at the Cape Town International Convention Centre on Tuesday, 10 October. It is being attended by ministers, deputy ministers and members of parliament from the continent, oil and gas industry leaders and private sector representatives.

The theme of Africa Oil Week 2023 is "Maximising Africa’s Natural Resources in the Global Energy Transition".

South Africa's Deputy President Paul Mashatile delivered the opening keynote address.

“I am encouraged to know that Africa Oil Week has existed for 29 years. I am equally pleased that it has strengthened partnerships between governments and businesses within the continent. Indeed, Africa wants to see growth in this sector and critically wants to see the consolidation of existing businesses and the growth of new ones led by the youth and women. The rise of Africa has been seen recently in critical African economies such as those of Nigeria, Ghana, Rwanda, Kenya, Angola, South Africa,” said Mashatile.

The politician added that the African continent occupies an honourable place in the global political and economic discourse. African countries are acting as one bloc under the African Continental Free Trade Area agreement, which aims to promote intra-African trade, investment inflows and re-industrialisation for the continent's growth.

“There is no doubt that Oil and gas have an integral role in shaping the growth and development of our continent, and this platform provides an opportunity for us to strengthen collaborations and intra-trade further for our economies to grow. Such regional convergence can also help us better respond to some of the global crises,” he said.

“This mission is central to our regional development agenda and must be fulfilled,” stressed Mashatile.

The progress of the continent is significantly reliant on the successful advancement of this sector. The energy strategy of the African Union serves as a fitting foundation for certain deliberations during this conference. Recognizing the challenges related to financing development, particularly in Africa, corporate leaders and governments with strategic foresight deem it fitting for some of the discussions to explore possibilities for collaboration with diverse financial institutions, including the African Development Bank, added the South African Deputy President.

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