Speaking at a panel held as part of the second MSGBC Oil, Gas & Power conference, organized by Energy Capital & Power (ECP), Benkhadra stressed that the Morocco-Nigeria gas pipeline, carried by the Vision and Will of two Heads of State, HM King Mohammed VI and President Muhammadu Buhari, for the economic and social development, industrial and energy of Africa, is “a structuring project with multiple objectives.”
This major project “will contribute to the emergence of an integrated north-west African zone, accelerate access to energy in West Africa and also accelerate electrification projects for the benefit of populations,” she added.
The Morocco-Nigeria gas pipeline also aims to create a competitive regional electricity market, the exploitation of clean energy, the contribution to the industrial and economic development of all countries through the development of several sectors such as agriculture, industry, mining, the reduction of flaring, as well as the export of gas in Europe, said Benkhadra during this panel that brought together the heads of national oil companies in the region to share experiences on the challenges and opportunities and discuss strategies to strengthen collaboration and regional integration.
In this regard, Benkhadra said that this mega-project, which crosses 13 countries on the Atlantic coast and will include 3 landlocked countries, will have a direct positive impact on more than 340 million people, noting that all countries crossed will be integrated into the study and development of this project.
In addition, it will create wealth for the countries and populations along the coast, creating a decisive momentum and leading to the emergence and development of parallel projects, she noted.
She added that “discussions have been conducted with ECOWAS to ensure synergy with the infrastructure of the region, to this end the extension of the WAGPI (West African Gas Pipeline linking Nigeria to Ghana) to the Ivory Coast will be included”, stressing that the producing countries will also be able to use this pipeline for their own consumption and export, citing the case of Senegal and Mauritania.
On the other hand, the Director General of ONHYM considered that Africa can be a model of sustainable development, with renewable energy and gas, noting that this continent has a huge potential in renewable energy and gas that remains untapped.
“The resources are available and diversified and renewable energy offers real prospects for a low-carbon electricity development,” she said, noting that it is essential to facilitate the financing of infrastructure and the development of win-win partnerships.
Africa needs a huge investment in its energy sector to generate social and economic development, said Benkhadra, indicating that “total climate finance is estimated at between USD 4,760 and 4,840 billion over the period 2022-2050, which represents annual flows of USD 163.4 to 173 billion.
The MSGBC Oil, Gas & Power Summit, organized on September 1-2 by Energy Capital & Power (Ecp), an investment platform in Africa for the energy sector, is held under the theme “The Future of Natural Gas: Growth through Strategic Investment and Policy Development”, with the participation of representatives of African countries including Morocco.
The conference brings together delegates from the member countries of the sedimentary basin, namely Gambia, Guinea-Bissau, Guinea, Mauritania and Senegal, as well as representatives of other African countries such as Morocco and Côte d’Ivoire and many foreign investors from the United States, Australia, Europe, Asia and the Middle East.