The African Energy Chamber (AEC) has advocated the need to counter the negative perception that exists about the continent, highlighting the strong growth of some economies and the enormous business opportunities for U.S. companies.
“At CEA, we believe it is vital to engage US companies and investors to counter misconceptions about investing in the continent, as Africa has some of the fastest growing economies and has significant investment opportunities for US companies,” reads a statement released in Johannesburg.
U.S. oil companies, the text adds, “can play an important role in the path to a low-carbon future on the continent and continue to lead some of the most important markets in the energy industry.”
Pointing to the “significant discoveries in multiple countries such as Mozambique, Angola, Equatorial Guinea, Senegal, Ghana and others,” the CEA stresses that US companies have successfully developed some of the most important projects on the continent and that one of the reasons for this is the deep knowledge of the risks involved and mitigation factors.”
The release comes in preparation for the US-Africa Forum, organized by energy consultancy Energy, Capital & Power in conjunction with CEA, in which five papers will be released focusing on energy opportunities in Africa, mitigating political and security risks, deconstructing perceived financial risks, mitigating legal risks and corruption biases, and how to mitigate operational and exploration risks.
According to CEA, which cites figures from the Center for Strategic and International Studies, trade between the United States of America (US) and the African continent is down from $36.8 billion in 2019 to $32.6 billion last year.
