The African Energy Chamber (AEC) has announced that it has signed a Memorandum of Understanding (MoU) with the Canadian Association of the World Petroleum Council (WPC) which will see both parties cooperate on maximizing the sustainable development, exploitation and monetization of oil and gas resources to ensure energy security and economic growth across both Africa and Canada.
The MoU was signed by Denis Painchaud, President and CEO of the WPC Canada and NJ Ayuk, Executive Chairman of the AEC, on behalf of the two non-governmental organizations.
“The Chamber is pleased to enter this partnership with WPC Canada. We believe our collaboration will unlock a new era of participation and investment from Canadian oil and gas companies to boost activities across Africa’s entire oil and gas value chain.
“Following Canadian companies such as Africa Energy Corp, Africa Oil Corp and ReconAfrica accelerating their footprint across the African energy sector, driving long-term and sustainable developments in key basins, we are confident that this new partnership will help bring more positive changes as we aim to make energy poverty history by 2030.”
NJ Ayuk
Areas of Collaborations between the parties
The MoU will allow the two parties to collaborate on information dissemination as well as in developing and implementing best practices for energy stakeholders to optimize hydrocarbon market developments.
Under the terms of the MoU, the AEC and WPC Canada will support and promote each other’s conferences, exhibitions and forums including AEW 2023 and the World Petroleum Congress 2023 to their members and via various platforms such as websites, social media channels and other discussions.
The two will identify potential delegates, exhibitors and partners for their various forums and conferences with the aim of uniting industry stakeholders for the development of innovative solutions, policies and business cases to address critical market challenges, including a lack of adequate investments, global energy transition-related policies, the increasing infrastructure rollout gap and continued declines in exploration and production activities which continue to disrupt industry expansion.
The MoU will also see both the AEC and WPC Canada collaborate on papers and webinars to promote their respective conferences as well as any other areas of collaboration the parties agree upon.
Maximizing vast, untapped hydrocarbon reserves
Both Canada and Africa are seeking to maximize the development and exploitation of vast, untapped hydrocarbon reserves, including Africa’s estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves, to drive socioeconomic development, gross domestic product growth, global energy security and industrialization.
As such, partnerships such as the MoU between the AEC and WPC Canada will be crucial for helping the industry embrace and maximize market opportunities.
WPC Canada is Canada’s premiere network of energy players with more than 60 representatives from the private, public and academic sectors across the North American country’s oil and gas market.
WPC Canada, through its partnership with the AEC, will bring in a new era of energy investments, technical solutions and business, ethical and government standards that will drive Africa’s oil and gas development to the next level.
WPC Canada’s vast experience in modern low-carbon emissions technologies including carbon capture, storage and utilization as well as deep-water project safety, energy security, enhanced oil and gas recovery, youth and gender inclusivity and biofuels will be essential for improving the landscape of the African oil and gas sector.
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