Scott Macmillan, Managing Director of Invictus Energy, has confirmed his participation as a speaker at the upcoming African Energy Week (AEW) 2022 in Cape Town, South Africa.
The African Energy Chamber (AEC) is proud to announce the participation of Scott Macmillan, Managing Director of Australian-based multinational oil and gas company, Invictus Energy, at the highly anticipated African Energy Week (AEW) conference and exhibition, taking place in Cape Town, South Africa, from October 18-21, 2022.
Scott Macmillan is an engineer by profession, with vast experience in exploration activities in Australia, South East Asia and Africa. A member of the Society of Petroleum Engineers – a global non-profit consortium of professionals within the oil and gas industry which aims to collect and ensure the exchange of technical exploration knowledge to simplify and increase exploration globally – Macmillan has shown his commitment to expanding oil and gas developments across key destinations worldwide.
At AEW 2022, Scott Macmillan will share best approaches on oil and gas contract negotiation and how Africa can maximize oil and gas exploration. Macmillan is currently leading Invictus Energy in exploration and drilling projects in the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa. Having acquired the prospect from Mobil Oil, Invictus is driving upstream exploration on the 250,000 acres of exploration land in northern Zimbabwe. The basin boasts an estimated 8.2 trillion cubic feet of gas and over 247 million barrels of conventional gas-condensate and has the potential to transform Zimbabwe’s energy landscape.
Invictus Energy’s high impact exploration and drilling programme in Zimbabwe is a game changer for the Zimbabwean economy and African energy sector at large.
“Zimbabwe and Africa need every drop of oil and gas to power its economies. The demand for oil and gas will continue to rise through to 2050 and by increasing exploration and production across the continent, Africa will be able to power industries and economic development with less or no imports. By joining energy sector leaders at AEW 2022 in Cape Town, Invictus Energy brings to the table vast experience and stakeholders stand to learn from this independent,” states NJ Ayuk, Executive Chairman at the AEC.
Despite the African continent having vast untapped oil and gas reserves, the region’s vulnerability to global oil and gas price volatility hinders any progress to alleviate energy poverty. What’s more, the continent’s reliance on oil and gas imports is also rising, reaffirming Africa’s need to ramp up exploration activities. Enhancing upstream investment and development will ensure energy security while minimizing import reliance – currently, 38 of the 53 African countries rely on imports and 600 million people still lacking access to electricity. Renewable energy alone will not be able to adequately address these challenges, hence, the need to expand exploration activities is prevalent, now more than ever.
AEW 2022 aims to address these challenges by giving a platform for knowledge sharing amongst upstream oil and gas stakeholders. AEW 2022 will be the official platform where future explorers can meet with African energy leaders to discuss opportunities and African exploration.
Since 2020, investment in upstream oil and gas activities has slumped massively at a global scale, largely due to factors such as the COVID-19 pandemic, unproductive regulations on energy-related matters and energy transition-related investment trends, making it complex for Africa’s oil and gas industry to attract the funding it needs. This means that African governments need to apply best practices in developing oil regimes that are attractive for both regional and international investors to invest in oil and gas exploration as the competition to allure investors becomes tougher in an increasingly restrictive global oil and gas capital portfolio.
AEW 2022 will host investment-specific panel discussions and meetings, and connect governments, investors and market players for negotiations, deal signings and discussions around increasing investment for oil and gas exploration.
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.
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