Africa Oil Week (AOW), the continent’s premier event for the international oil and gas industry, is poised to continue and expand upon the critical discussions initiated at the recent BRICS Summit concerning energy mix, fossil fuels, climate change, and the crucial need for responsible oil exploration.
AOW, which started on Monday, will serve as a crucial platform for global leaders.
Themed “Africa Oil Week, Maximising Africa’s Natural Resources”, this resonates with the sentiments expressed during the BRICS Summit regarding the importance of balancing energy needs, economic growth, and environmental sustainability, including the responsible exploration of oil.
The CEO of the Gauteng Growth and Development Agency, Saki Zamxaka, highlighted during the BRICS Business Council event that while some financial institutions are fast-tracking the withdrawal of funding for hydrocarbon projects, they remain an integral part of the continent’s energy strategy.
Zamxaka said there is a need for current methods of extraction and processing to become cleaner with advancements in technology, which is especially pertinent to oil exploration.
Sim Tshabalala, CEO of Standard Bank, articulated the standpoint that African nations should not be compelled to abandon fossil fuels, including oil, in their pursuit of climate adaptation and mitigation.
Leslie Maasdorp, CFO of the BRICS New Development Bank, highlighted on the sidelines of BRICS the challenge of identifying bankable projects for Africa’s Just Energy Transition initiative, indicating the need for viable projects that have undergone rigorous due diligence processes.
This challenge mirrors the overarching concern of the energy sector: bridging the gap between concept and commercial viability to enable sustainable growth, including in the realm of oil exploration.