CAPE TOWN, SOUTH AFRICA – Middle Eastern geopolitical concerns and fluctuating oil prices became focal issues at African Energy Week in Cape Town, where government officials, corporate executives, and international investors met to assess risks and seek opportunities in Africa’s energy industry.
Amid disruptions at the Strait of Hormuz and their impact on oil and LNG supplies, participants emphasised Africa’s growing significance in diversifying global energy sources.
According to Mohamed Mahmoud Sidi Betam, Director for Africa and the Middle East at Holt Energy Advisers, market volatility gives the continent a distinct advantage. “What’s happening now in the Middle East is affecting the industry everywhere, but we see that as an advantage for Africa because companies right now are looking to diversify their portfolio,” said Mr Sidi Betam.
“For us it’s very important to attract investment into our country to promote the economic development in our region,” said Silvia Carmen, Deputy Director General of VidaSeguros EG, SA.
Yana Merabaam of CUDD highlighted that price fluctuations influence spending decisions. While oil price fluctuations affect operator margins, core engineering demand stays the same, since “whether it’s at $10 a barrel or $150 a barrel, it burns the same way.”
The five-day conference was expected to draw more than 10,000 attendees and cover funding, new projects, and Africa’s energy future.
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