In order to advise public and private stakeholders towards a recovery for the exploration industry in the continent, African Energy Chamber has appointed some experts into a dedicated Advisory Committee on Exploration.
With its new Exploration Committee, African Energy Chamber would be working on a roadmap to exploration recovery. As energy markets become increasingly competitive and new frontiers emerge every year, the need for African jurisdictions to stay competitive and attract capital and technology in the continent’s acreages is more important than ever.
Members of the committee include: Vice President, Africa, ION, Folarin Lajumoke; Principal Geologist, Samara Geosciences, LLC, Mark Romanchock; General Manager, Lukoil International Upstream West, H. Daniel Hogan; Partner and Executive Director, Upstream, Cayo Energy LP, Robert Erlich; and President/Chief Executive Officer, ERHC Energy, Peter Ntephe.
While the industry has started its slow recovery, the impact of the 2020 crisis on exploration activities in Africa would be felt even harder in the longer term.
Acting in their personal capacity, the Exploration Committee members have gathered decades of experience working in the exploration industry, and understand the importance of keeping seismic programmes and exploratory drilling going to preserve the future of the industry.
“Africa remains one of the most under-explored region on the planet, yet one where betting on exploration has proven a huge success.
“Recent discoveries in Senegal or Mozambique have showed what rewards explorers get by betting on Africa.
“We need to work on a stronger dialogue to make our sedimentary basins competitive and attractive for explorers, and bring back Africa’s rigs count up,” said Executive Chairman at the African Energy Chamber, Nj Ayuk.
The exploration industry has been the hardest hit by the novel Coronavirus (COVID-19) pandemic and the subsequent historic crash in oil prices.
Most seismic acquisition and exploratory drilling programmes have been suspended or altogether cancelled as a result of worsening market conditions.