With prior drilling having confirmed deepwater accumulations, Benin is seeking to revive its exploration and production sector to reveal additional oil and gas resources. The West African nation is pursuing improved energy security and reduced reliance on energy imports from neighboring countries like Ghana and Ivory Coast. Opportunities to invest in Benin’s hydrocarbon sector – along with neighboring Togo and Liberia – will be unpacked in a regional spotlight session at the upcoming Invest in African Energy (IAE) forum in Paris.

In December 2023, Akkrake Petroleum signed a PSC for a 76% operated interest in the Block 1 Sèmè Field. The field is estimated to have produced 22 million barrels of oil to date and is considered a proven prospect with significant unexploited potential. The company plans to revitalize the block through a production system featuring a jack-up mobile production unit and a floating storage unit, and will submit a field development plan this year to kickstart exploration and production activities.

IAE 2024 (https://apo-opa.co/49krKXM) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Another critical development is the 110,000 barrel-per-day Niger-Benin pipeline, which is set to not only transform Niger into a major regional exporter, but also deliver much-needed crude oil resources to Benin’s Port of Sèmè. With first cargo expected to be lifted as early as next month, the regional pipeline will improve Benin’s energy access and generate new opportunities for energy storage, transport and industry, while driving intra-African trade and integration.

Meanwhile, Benin has emerged as an active solar hotspot, targeting 150 MW of installed solar generation capacity by 2026 and 300 MW by 2030. Last August, Japan’s Toyota Tsusho signed a public-private partnership with Société béninoise de production d’électricité to develop the 25 MW second phase of the Illoulofin solar PV plant, due to come online in 2024. Representing the first large-scale renewable energy plant construction project in West Africa by a Japanese company, the project paves the way for future collaboration between the local government and international investors.