PARIS/France: As Africa looks to develop its gas for domestic and export markets, the U.S. is honing in on LNG as a critical investment avenue, alongside traditional oil exploration. In October 2023, energy research and consultancy group Wood Mackenzie stated that Africa’s $800-billion, 20-year upstream capital expenditure program would result in world-class LNG projects in Mozambique and floating LNG (FLNG) in five countries, presenting substantial gas-driven opportunities for U.S. investors, operators, project developers, and service providers.
The upcoming Invest in African Energy (IAE) forum will showcase trade, partnership, and investment opportunities available to U.S. companies across Africa’s energy supply chain. The event, taking place in Paris on May 14-15, aims to establish regional African gas markets and capitalize on rising U.S. interest in African energy.
While American companies are already leading the continent’s booming LNG industry, there is room to grow their participation, particularly in FLNG, which offers increased flexibility, reduced time to market, and suitability for smaller gas volumes. According to energy intelligence provider Westwood Global Energy, the global FLNG market is set to see $35 billion in new investment by 2027, with Africa dominating short-term investments.
In Equatorial Guinea, U.S. operators and contractors are leading the country’s flagship Gas Mega Hub (GMH), which seeks to monetize all stranded gas fields in the Gulf of Guinea to facilitate intra-African LNG trade. In Mozambique, American multinational ExxonMobil is leading development of the $23-billion Rovuma LNG project and anticipates a final investment decision in 2025, utilizing a retooled, phased construction approach.
With world-class LNG developments on the horizon in Senegal, Mauritania, Gabon, Republic of Congo, and Nigeria, the U.S. aims to cement its market leadership in Africa’s gas industry. The IAE 2024 forum, organized by Energy Capital & Power, offers an exclusive platform for industry experts, project developers, investors, and policymakers to engage intensively on May 14-15, 2024, in Paris.
