Benin Seeks Investment Boost as Upstream Oil & Gas Revives
Paris, France – March 22, 2024 – Benin’s oil and gas sector is experiencing a resurgence, prompting renewed interest from investors ahead of the upcoming Invest in African Energy (IAE) forum in Paris.
Redevelopment of Sèmè Field Fuels Optimism
With confirmation of deepwater oil and gas reserves, Benin is actively seeking investment to revitalize its exploration and production activities. The recent signing of a Production Sharing Contract (PSC) for the redevelopment of the Sèmè Field by Akkrake Petroleum exemplifies this renewed focus. The proven prospect, estimated to have produced 22 million barrels to date, holds significant untapped potential. Akkrake Petroleum plans to revitalize the block with a jack-up mobile production unit and a floating storage unit, aiming to kickstart exploration and production activities this year.
Invest in African Energy: Highlighting Opportunities
The upcoming IAE forum, scheduled for May 14-15 in Paris, will provide a platform for Benin to showcase its hydrocarbon investment opportunities alongside neighboring countries like Togo and Liberia. This dedicated regional spotlight session will connect Benin with potential investors seeking entry into the resurgent West African market.
Diversifying Energy Mix: Solar Power on the Rise
Beyond oil and gas, Benin is actively pursuing renewable energy development. The country aims to have 150 MW of solar generation capacity installed by 2026 and 300 MW by 2030. A significant milestone was reached last August with the signing of a public-private partnership between Toyota Tsusho and Société béninoise de production d’électricité for the development of a 25 MW solar PV plant. This project, the first large-scale renewable energy project in West Africa by a Japanese company, signifies Benin’s commitment to a diversified energy mix.
Unlocking Potential: Infrastructure and Integration
The completion of the 110,000 barrel-per-day Niger-Benin pipeline is another key development. This project not only transforms Niger into a regional oil exporter but also provides Benin with much-needed crude oil resources at its Port of Sèmè. Expected to be operational next month, the pipeline will enhance Benin’s energy security, create storage and transportation opportunities, and drive regional trade and integration.
Investing in Africa’s Energy Future
The IAE forum presents a unique opportunity for investors to explore the burgeoning energy sector in Benin and other African nations. The event fosters dialogue between industry leaders, project developers, and policymakers, facilitating investment and collaboration across the continent’s energy landscape. For more information on sponsorship and participation, visit www.Invest-Africa-Energy.com.
