African Energy Chamber Calls for More Oil and Gas Investment

“The world does not have an energy problem. It has an energy supply problem,” Ayuk said, emphasising that affordable and reliable energy remains essential for economic development and improved living standards.

The global debate on energy should focus on increasing supply rather than reducing production, according to NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), who used the ARPEL Conference 2026 in Buenos Aires to call for greater investment in oil and gas development.

Addressing policymakers, investors and industry leaders, Ayuk argued that billions of people around the world still lack access to reliable electricity and clean cooking technologies, making energy expansion an economic and social necessity. He urged governments to prioritize what he described as "energy addition" rather than "energy subtraction," warning that efforts to limit fossil fuel development risk slowing growth in developing economies.

"The world does not have an energy problem. It has an energy supply problem," Ayuk said, emphasising that affordable and reliable energy remains essential for economic development and improved living standards.

Energy Poverty Remains a Major Challenge Across Africa

Ayuk pointed to Africa's energy access gap as evidence that more energy production is needed. More than 600 million people across the continent still lack access to electricity, while nearly one billion people do not have access to clean cooking solutions.

Despite holding more than 125 billion barrels of crude oil reserves and around 620 trillion cubic feet of proven natural gas reserves, Africa continues to rely heavily on imported petroleum products. Industry leaders argue that insufficient investment in exploration, production and energy infrastructure has limited the continent's ability to fully utilize its resources.

The African Energy Chamber believes growing pressure from some environmental groups and declining investment in oil and gas projects have created additional challenges for African producers. According to Ayuk, many African countries cannot afford to reduce fossil fuel development while large sections of their populations remain without modern energy services.

Several countries are already expanding production. Nigeria and Angola are pursuing efforts to increase output through new exploration campaigns and improved recovery techniques. Namibia is moving closer to becoming a major oil producer following recent offshore discoveries, while projects in Ivory Coast, the Republic of Congo, Mozambique and Tanzania are contributing to increased energy activity across the continent.

Latin America Highlighted as a Model for Resource Development

Ayuk cited Latin America as an example of how sustained investment in natural resources can drive economic growth and strengthen energy security. Brazil's offshore pre-salt developments continue to attract investment and deliver significant production volumes. Guyana has emerged as one of the world's fastest-growing oil producers, while Argentina's Vaca Muerta shale formation has become a major contributor to the country's energy ambitions.

Recent investments in Argentina's mature oil fields also demonstrate continued confidence in the region's petroleum sector. Pan American Energy's decision to invest hundreds of millions of dollars in revitalising the Cerro Dragon field was highlighted as evidence that global investors remain interested in well-managed energy assets.

Ayuk argued that both Africa and Latin America should continue developing their natural resources to support industrialisation, job creation and economic growth. He maintained that oil and gas will remain central to global energy systems for decades and warned that limiting production without viable alternatives could leave developing economies struggling to meet rising energy demand. For countries seeking to expand access to affordable energy, attract investment and accelerate development, he said the priority should be increasing energy supply rather than restricting it.