By Yange Ikyaa
Independent energy research and business intelligence firm, Rystad Energy, and the African Energy Chamber (AEC), recently cemented their business cooperation during a private dinner in Oslo on January 31.
The occasion was also used in celebrating their shared partnership and for making renewed commitments to energy investment in Africa.
AEC was in Oslo as part of its European energy stakeholder tour that aimed to strengthen trade and investment ties between Africa and Europe and to explore new avenues for financing and developing Africa’s sizable hydrocarbon, renewable and mineral resources.
The dinner reception united multi-stakeholder support from upstream, service, industry and financial sectors to discuss the future of Africa’s energy industry and Europe’s role in bridging the investment gap currently shaping the sector.
According to a presentation from Rystad Energy, more than $80 billion will be invested in Africa in the years to come, with energy demand expected to grow almost linearly due to rising urbanization, GDP growth and a fast-growing population.
Accordingly, the evening saw commitments made to increase capacity building, knowledge transfer and best-practice sharing, with a view to driving energy investments on the continent and establishing a sufficient energy baseload to support Africa’s electrification and industrialization.
Headquartered in Oslo, the Norwegian capital, Rystad Energy represents the largest independent energy consultancy in Norway and provides leading analysis on oil and gas, renewable energy and carbon emissions, oil services and finance companies. It works along with multilateral organizations like OPEC, the International Energy Agency and the World Bank.
Rystad Energy and the AEC already serve as partners in the production of the Chamber’s flagship report, “The State of African Energy: 2023 Outlook,” which analyzes current, emerging and future oil and gas market trends in Africa and beyond.
According to NJ Ayuk, the Executive Chairman of AEC, “Norway has made commitments this evening to partnering with African energy stakeholders and companies, driving investment on the continent and sharing best practices when it comes to energy security and sustainability.
“With over 600 million Africans without access to electricity, one thing we can all agree on is that Africa needs energy – no matter where it comes from.
“As we continue to define the speed and scope of the African energy transition, the Chamber is honored to hold discussions, foster dialogue and exchange ideas with our Norwegian and European partners, with the goal of growing Europe’s role in financing and contributing to the development of African energy projects and sustainability targets.”