Middle East tensions and volatile oil prices took centre stage at African Energy Week in Cape Town, where ministers, executives and investors weighed the risks - and potential opportunities - for the continent's energy sector.

Mohamed Mahmoud Sidi Betam, Director for Africa and the Middle East at Holt Energy Advisers, said companies looking to spread their exposure could increasingly turn to African producers.

"We are actually working mainly on the M&A side, on the upstream side. Of course, what's happening now in the Middle East is affecting the industry everywhere, but we see that as an advantage for Africa because the companies right now are looking to diversify their portfolio. And Africa is in a very good position to be a part of this new supply. So we are looking forward to speaking with several countries to try to attract more companies to the continent and support them along the way. We believe this is a very exciting time for Africa, and we want to be a part of this journey."

Silvia Carmen, Deputy Director General of VidaSeguros EG, SA, said attracting investment remained crucial despite higher energy prices.

"Linked to the oil and gas sector and oil and gas market, we think that even if the prices are increasing. We are in a developed moment for oil and gas companies, and also we must take care of what we are talking about. We are talking about African companies to invest in. So we need to tell all those companies that they have interest and that they have opportunities in African countries to come to see that there are opportunities also in our country."

For companies already operating in oil and gas, price swings are also shaping spending decisions.

Organisers expected more than 10,000 delegates at the five-day conference, with discussions spanning new projects, financing and Africa's role in diversifying global energy supplies.

The gathering comes as disruption around the Strait of Hormuz continues to constrain oil and LNG flows, keeping energy markets exposed to further shocks from the Middle East conflict.