Russian Deputy Energy Minister Discusses Oil and Gas Market and Energy Transition with African Energy Chamber
In pursuit of making energy poverty history in Africa by 2030, the African Energy Chamber (AEC) met with Pavel Sorokin, First Deputy Minister of Energy of the Russian Federation, to discuss the role Russia-Africa energy collaboration will play in accelerating large-scale energy developments in Africa – driving an Africa-adapted energy transition while alleviating energy poverty on the back of improved access and sustainable economic growth.
In the spirit of H.E. Mohammed Sansui Barkindo, the late Secretary General of the Organization of Petroleum Exporting Countries (OPEC), discussions during the meeting centered around the need to encourage and improve continuous Russia-Africa energy collaboration on the need for a just energy transition as well as making energy poverty history.
In the meeting, parties emphasized the need for Russia to continue its collaboration with OPEC+, as well as other key organizations including the Gas Exporting Countries Forum and the African Petroleum Producers Association, as well as participating in discussions held in Sham El Sheihk in Egypt at COP27.
With over 125 billion barrels of proven crude oil reserves and 620 trillion cubic feet of natural gas, Africa’s hydrocarbon potential is unparalleled. These resources have the potential to not only meet domestic demand, ushering in a new era of socioeconomic growth on the back of oil and gas, but to meet global demand, stabilizing prices and avoiding volatility in the global oil and gas market. As such, the need to develop and monetize these resources is key and improved Russia-Africa collaboration could ensure that development is accelerated.
“The AEC is committed to making energy poverty history in Africa by 2030, and to do this, we believe that every resource available on the continent needs to be maximized. Russia can help drive investment and know how into these resources and ensure the continent benefits from its natural resource wealth,” states NJ Ayuk, Executive Chairman of the AEC, adding that, “The meeting with Pavel Sorokin was centered around this very narrative: that in order to alleviate energy poverty and drive long-term, sustainable economic growth, we need to improve Russia-Africa collaboration, drive an Africa-adapted just energy transition and fighting climate change.”
The need for an Africa-centric energy transition has been a topic of debate in recent years, with the AEC as the voice of the African energy sector, driving the narrative that Africa’s energy future will continue to rely on every resource present on the continent. As such, the AEC’s annual energy conference,
African Energy Week (AEW) – taking place from October 18-21, 2022, in Cape Town – will largely center on this narrative, with panel discussions, investor forums and ministerial summits exploring the need for a multi-resource approach to the energy transition. These discussions will start at AEW in Cape Town and will continue at COP27 in Cairo. As such, the AEC will take the narrative of a just energy transition from Cape to Cairo.
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.