H.E. Benjamin Bakale Nkara’s participation at this year’s AEW 2023 conference will see market-focused discussions on the role investment-friendly policies play in accelerate energy progress in Africa.
With a focus on attracting a new slate of investment to its growing energy market, Equatorial Guinea has implemented a series of attractive policies aimed at incentivizing foreign players to the market. This regulatory drive can be replicated continent-wide, and during Africa’s premier energy event, African Energy Week (AEW) – taking place from October 16-20 in Cape Town – the country’s Minister of Commerce, Industry and Business Promotion H.E. Benjamin Bakale Nkara, will be leading discussions on this very topic.
Having recently been appointed Minister of Commerce, Industry and Business Promotion, H.E. Bakale Nkara will represent Equatorial Guinea at the biggest gathering of energy stakeholders on the continent alongside the Minister of Mines and Hydrocarbons H.E. Antonio Oburu Ondo and Vice Minister H.E. Domingo Mba Esono – both of whom have initiated an ambitious exploration and production agenda that heavily depends on attracting foreign investment. Consequently, H.E. Bakale Nkara is committed to collaborating closely with the Ministry of Mines and Hydrocarbons to attract these investments and promote business within this sector, and will be driving investment-focused dialogue at AEW.
With approximately 1.1 billion barrels of oil and 1.5 trillion cubic feet of natural gas reserves, Equatorial Guinea is positioning itself as a significant player in the energy sector. Under efforts to expand progress across the entire energy value chain, the government is inviting both regional and international companies to invest. More recently, the government signed three production sharing contracts (PSCs) with global oil and gas companies Africa Oil Corp and Panoro Energy, representing a noteworthy step towards expanding exploration and production in the country’s promising offshore blocks. Additionally, other projects are underway including the modernization and expansion of oil and gas infrastructure such as the development of a new crude oil terminal in Punta Europa and the expansion of the Liquefied Petroleum Gas plant in Malabo. These initiatives are integral to the country’s comprehensive strategy to enhance production, attract investments, and stimulate economic growth and development within the oil and gas industry.
While efforts to establish itself as a hydrocarbon processing hub through initiatives like the Gas Mega Hub are well underway, the country needs substantial investments to advance these projects, both within its borders and in neighboring countries. Such investments would accelerate the development of energy projects in the region, contributing towards energy security and the alleviation of energy poverty. As a member of the CEMAC region, Equatorial Guinea is committed to regional growth and investment, topics which will formulate key points of discussion by H.E. Bakale Nkara at this year’s AEW conference.
“The AEC looks forward to solidifying its relationship with H.E. Benjamin Bakale Nkara and support his new role as Minister of Commerce, Industry and Business Promotion. With Equatorial Guinea’s enormous potential in the African energy industry, a capable leader in commerce and business is imperative to attract fresh investments and businesses to the energy sector while creating an environment that fosters the growth and prosperity of these businesses. We look forward to hearing the discussions that H.E. Nkara will bring to the table,” states NJ Ayuk, the Executive Chairman of the AEC.
AEW 2023 presents a unique occasion for H.E. Bakale Nkara to provide insights into Equatorial Guinea’s commerce and business environment and its significant contribution to the country’s thriving energy sector. H.E. Bakale Nkara will also offer his perspective on how to foster and sustain positive relationships among CEMAC member states and the broader African continent.
AEW is the AEC’s interactive exhibition and networking event, established in 2021, that seeks to unite African energy stakeholders, drive industry growth and development, and promote Africa as the destination for African-focused events. For further information on the AEW 2023 conference, visit https://www.aecweek.com/aew-23/