{"id":20950,"date":"2022-05-30T18:21:01","date_gmt":"2022-05-30T18:21:01","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022"},"modified":"2022-05-30T18:48:05","modified_gmt":"2022-05-30T18:48:05","slug":"west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022","title":{"rendered":"West African Gas Given Global Launchpad at MSGBC Oil, Gas & Power 2022"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Energy, Capital & Power\u2019s (https:\/\/EnergyCapitalPower.com) flagship west African event, the MSGBC Oil, Gas & Power Conference and Exhibition (https:\/\/bit.ly\/3x0mS9w), is set to light west Africa\u2019s energy future with an unprecedented convergence of investors, policymakers, politicians and multinationals. The host nation, Senegal, forecasts first liquefied natural gas (LNG) production at 2.5 million tons next year, increasing by up to 10 million tons by 2030, and with H.E. President Macky Sall (https:\/\/bit.ly\/3t1K3hi), also the Chairperson of the African Union, officially opening the event, it is an energy platform unique with opportunity.<\/p>\n

The conference\u2019s theme, \u201cThe Future of Natural Gas: Growth Using Strategic Investment and Policymaking,\u201d represents the extraordinary climate of the MSGBC gas rush (https:\/\/bit.ly\/3GteaDL) and serves to drive policy design and international investment towards this opportunity.<\/p>\n

Under H.E. President Sall\u2019s landmark Plan for an Emerging Senegal, the west African country is targeting an 8% annual GDP growth rate for the next 20 years, creating 600,000 formal jobs and ensuring universal access to affordable electricity by 2025.<\/p>\n

Last week, H.E. President Sall partnered with the Global Center on Adaptation to unlock a further $1 billion in climate finance under the Africa Adaptation Acceleration Program, noting that the continent currently receives less than 4% of global climate finance. Furthermore, in a decree earlier this year, the Senegalese government ruled that a minimum of 10% of all future industry revenues will be directed into FONSIS, the country\u2019s Sovereign Wealth Fund, thereby re-investing $500 million into domestic markets by 2025 through gas, renewables and development projects. In spite of COVID-19, Senegal\u2019s new gas plan and first adoption of local content legislation has seen foreign direct investment double in just five years.<\/p>\n

Under H.E. President Sall\u2019s landmark Plan for an Emerging Senegal, the west African country is targeting an 8% annual GDP growth rate for the next 20 years<\/p>\n

It is this track record which draws the eye of multinationals, global markets and investors. Supermajor, bp and American oil company, Kosmos Energy have already partnered for the transnational Mauritania-Senegal Greater Tortue Ahmeyim project, unlocking 15 trillion cubic feet (tcf) of gas reserves with first production targeted next year, followed by 20 tcf of gas in Senegal\u2019s Yakaar-Teranga field tentatively slated for 2024 and a further 13 tcf in Mauritania\u2019s BirAllah field.<\/p>\n

December 2021 saw American firm, New Fortress Energy, sign a Memorandum of Understanding with the Mauritanian government to deploy its fast LNG technology in the 1.2 tcf Banda field by 2024. Furthermore, the KARMOL partnership between Turkey\u2019s Karpowership and Japan\u2019s Mitsui OSK Lines has also birthed a second LNG floating storage and regasification unit, from which 15% of Senegal\u2019s domestic power demand will be supplied.<\/p>\n

In an official visit last week, Germany\u2019s Chancellor Olaf Scholz affirmed the country\u2019s intent to invest in Senegalese gas exploration and development, following up on an earlier visit from German President H.E. Frank Walter Steinmeier to Dakar wherein he commended his Senegalese counterpart, H.E. President Sall on the nation\u2019s regional importance as a stable democracy. Discussions are also underway on an agreement mirrored off the just energy transition partnership inked between several countries such as Germany and the United States to support South Africa\u2019s acceleration of a decarbonized economy.<\/p>\n

Additionally, the Dutch Port of Rotterdam has partnered with the Chariot Energy Group for the construction of a specialist terminal for African green hydrogen exports at the world-class Maasvlakte port facility.<\/p>\n

Meanwhile, Chariot\u2019s 10 GW green hydrogen development, Project Nour, targets a 600,000 ton per annum output, and the London-listed company is looking to form a consortium of co-developers to greenlight the $3.5 billion development. The same is true of the Africa Fortesa Corporation for expansion eastwards onto Senegal\u2019s Thiombane Dome, with one tcf of potential gas reserves, but this is just the tip of the iceberg.<\/p>\n

While markets are key, both regional \u2013 as with Guinea\u2019s $300 million LNG port project\u2013 and global \u2013 as with the European market being opened up due to tensions in eastern Europe -, ultimately, \u201cAfrican gas should develop Africa\u201d in the words of Fortesa CEO and upcoming conference speaker, Rogers Beall. Despite its role as a regional energy leader, just 30% of the rural Senegalese population have access to electricity, and those fortunate enough to access the grid face high prices. With the cost of gas at $9 to heavy fuel oil\u2019s $14, Senegal now stands to take a lead on the commodity while also boasting the added advantage of a lower carbon footprint.<\/p>\n

The knock-on effects of tensions in eastern Europe have hit west Africa hard, driving up food and energy prices as highlighted by UN Secretary-General, H.E. Ant\u00f3nio Guterres. H.E. President Sall is clear that \u201cOur continent cannot be a field which is the feast of others,\u201d and the MSGBC Oil, Gas & Power Conference in Dakar\u2019s Centre international de Conf\u00e9rences Abdou Diouf on 1 to 2 September will not only advance investment and policy discourse in this regard, but will serve to expand west Africa\u2019s energy future in gas and renewables together with low-carbon power sources.<\/p>\n

Distributed by APO Group on behalf of Energy Capital & Power.<\/p>\n

About the MSGBC Oil, Gas & Power 2022 Conference:<\/p>\n

Under the patronage of H.E. Macky Sall, President of the Republic of Senegal, MSGBC Oil, Gas & Power will once again take place in Dakar, Senegal, with the event serving as a catalyst for investment and multi-sector development in 2022. To find out more visit MSGBCOilGasandPower.com or contact sales@energycapitalpower.com.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Energy, Capital & Power\u2019s (https:\/\/EnergyCapitalPower.com) flagship west African event, the MSGBC Oil, Gas & Power Conference and Exhibition (https:\/\/bit.ly\/3x0mS9w), is set to light west Africa\u2019s energy future with an unprecedented convergence of investors, policymakers, politicians and multinationals. The host nation, Senegal, forecasts first liquefied natural gas (LNG) production at 2.5 million tons […]<\/p>\n","protected":false},"author":84,"featured_media":20949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,9],"tags":[5092,5096,8956,429,8955],"class_list":["post-20950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-miscellaneous","tag-africa-press","tag-africa-press-ghana","tag-gas-power","tag-ghana","tag-west-african"],"yoast_head":"\nWest African Gas Given Global Launchpad at MSGBC Oil, Gas & Power 2022 - Ghana<\/title>\n<meta name=\"description\" content=\"Energy, Capital & Power\u2019s (https:\/\/EnergyCapitalPower.com) flagship west African event, the MSGBC Oil, Gas & Power Confe ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"West African Gas Given Global Launchpad at MSGBC Oil, Gas & Power 2022\" \/>\n<meta property=\"og:description\" content=\"Energy, Capital & Power\u2019s (https:\/\/EnergyCapitalPower.com) flagship west African event, the MSGBC Oil, Gas & Power Confe ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-30T18:21:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-30T18:48:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/05\/img-6295114ab7580.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"731\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"West African Gas Given Global Launchpad at MSGBC Oil, Gas & Power 2022\",\"datePublished\":\"2022-05-30T18:21:01+00:00\",\"dateModified\":\"2022-05-30T18:48:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\"},\"wordCount\":944,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/05\/img-6295114ab7580.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"Gas & Power\",\"ghana\",\"West African\"],\"articleSection\":[\"all news\",\"homepage-english\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/west-african-gas-given-global-launchpad-at-msgbc-oil-gas-power-2022\",\"name\":\"West African Gas Given Global Launchpad at MSGBC Oil, Gas & Power 2022 - 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