Guinea-Conakry’s national oil company SONAP has joined African Energy Week 2023 as a bronze sponsor.
The African Energy Chamber (AEC), the voice of Africa’s energy sector, is pleased to announce that Guinea-Conakry’s National Oil Company (NOC) Société Nationale de Petroles (SONAP) will be participating as a bronze sponsor at the highly anticipated African Energy Week (AEW) 2023 conference, taking place October 16–20 in Cape Town. Through the company’s sponsorship, SONAP is demonstrating its steadfast dedication to enhancing energy security and sustainability in Guinea-Conakry.
As the NOC of Guinea-Conakry, SONAP is responsible for implementing government policies in the oil sector. The company is committed to driving investment across the entire hydrocarbon value chain, viewing oil and gas as drivers of sustainable socioeconomic growth. The company was established in December 2021 through a merger of the National Petroleum Office and the National Petroleum Import Company, streamlining sector activities and regulations.
Currently, SONAP is actively engaged in exploration and production (E&P) campaigns, diligently focusing on the vast potential within the country’s dynamic energy landscape. Adhering to a principled approach, SONAP places great emphasis on responsible resource management, valuing engagement with stakeholders to ensure the utmost transparency and inclusivity throughout its operations. By nurturing prudent investments and fostering strategic partnerships, SONAP is dedicated to playing a pivotal role in contributing to the nation’s comprehensive development and effectively harnessing Guinea-Conakry’s abundant oil and gas potential.
Within the MSGBC basin, of which Guinea-Conakry is an integral part, a remarkable series of discoveries of mega-reserves over the past decade has sparked great optimism for the country’s promising future. The notable reserves range from a significant 500 million barrels of oil at Sangomar to a staggering 15 trillion cubic feet (tcf) of natural gas at Greater Tortue Ahmeyim as well as an impressive 20 tcf at Yakaar-Teranga and a substantial 13 tcf at BirAllah. Such substantial findings serve as a testament to the immense energy wealth present in the region.
Guinea-Conakry’s forthcoming 22-block licensing cycle holds the potential to ignite a significant economic boom, primarily driven by its abundant gas resources. As the country ventures forward, carefully navigating the opportunities that lie ahead, the collaboration between SONAP and other stakeholders becomes crucial, reinforcing a shared vision of responsible and sustainable development. This will steer Guinea-Conakry towards a prosperous and impactful role within the dynamic energy landscape of the MSGBC region.
The government’s commitment, evident in the doubling of the national petroleum budget to $1.2 million in 2019, supports the active pursuit of E&P opportunities in the energy sector. Furthermore, an ambitious government initiative is underway to create a state-of-the-art $300 million Liquefied Natural Gas (LNG) project in collaboration with West Africa LNG. The comprehensive project entails the construction of an LNG receiving terminal, a cutting-edge liquefaction plant, and an export terminal at the strategically located Port of Kamsar on the country’s northern coast.
“Cognizant of the abundant potential in Guinea-Conakry’s energy landscape, it is evident that the significance of SONAP cannot be overstated in the nation’s earnest quest for sustainable E&P activities. In an effort to harness these untapped reserves, SONAP assumes a pivotal role in the intricate web of energy endeavors. By skillfully navigating the complex intricacies of the industry and fostering strategic alliances, Guinea-Conakry can seamlessly propel itself towards attaining energy security, a fundamental pillar in unlocking unparalleled economic prosperity and socio-economic progress,” states NJ Ayuk, Executive Chairman of the AEC.
Stepping into this picture, SONAP’s bronze sponsorship will undeniably enable a greater discourse around the role that Guinea-Conakry and the MSGBC region play in Africa’s energy landscape. The NOC’s support of AEW will unlock doors for enhanced regional cooperation, innovation, investment, networking, and shared experiences, all of which are instrumental in propelling the energy sector forward.
AEW is the AEC’s interactive exhibition and networking event uniting African energy stakeholders, driving industry growth and development, and promoting Africa as the destination for African-focused events. For more information about sponsorship, attendance, and partnership opportunities, visit www.aecweek.com