Russian Deputy Energy Minister discusses oil and gas market and energy transition with African Energy Chamber

The African Energy Chamber met with Pavel Sorokin, First Deputy Minister of Energy of the Russian Federation, to discuss Russia-Africa energy collaboration and the eradication of energy poverty in Africa by 2030

With the goal of eradicating energy poverty 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 that energy collaboration between Russia and Africa will play in accelerating large-scale energy developments in Africa.

In the spirit of H.E. Mohammed Sansui Barkindo, the late Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), discussions during the meeting focused on the need to encourage and enhance continued collaboration between Russia and Africa on energy, the need for a just energy transition as well as the elimination of energy poverty. At the meeting, the parties emphasized the need for Russia to continue to work with OPEC+, as well as other key organizations, including the Gas Exporting Countries Forum and the Association of African Petroleum Producers, and to participate in the discussions in Sham El Sheihk, Egypt, in the context of COP27.

With over 125 billion barrels of proven crude oil reserves and 620 trillion cubic feet of natural gas, Africa's hydrocarbon potential is unmatched. These resources have the potential to meet not only domestic demand, ushering in a new era of socio-economic growth through oil and gas, but also global demand, stabilizing prices and avoiding the volatility of the global oil and gas market. The need to develop and monetize these resources is therefore essential and better collaboration between Russia and Africa could accelerate this development.

"The ACS is committed to eradicating energy poverty in Africa by 2030, and to do this we believe that all available resources on the continent must be maximized. Russia can help stimulate investment and know-how in these resources and ensure that the continent benefits from its natural resource wealth," says NJ Ayuk, executive chairman of the ACS, adding that "the meeting with Pavel Sorokin was focused on this very point: to reduce energy poverty and stimulate long-term sustainable economic growth, we need to improve collaboration between Russia and Africa, drive a just energy transition tailored to Africa, and fight climate change."

The need for an Africa-centric energy transition has been debated in recent years, with the ACS, as the voice of the African energy sector, arguing that Africa's energy future will continue to rely on all the resources present on the continent. As such, the ACS' annual energy conference, African Energy Week (AEW), to be held October 18-21, 2022 in Cape Town, will focus heavily on this theme, with roundtables, investor forums, and ministerial summits exploring the need for a multi-resource approach to the energy transition. These discussions will begin at AEW in Cape Town and continue at COP27 in Cairo. As such, the ACS will carry the narrative of a just energy transition from Cape Town to Cairo.