By Ajong Mbapndah L
Cape Town, South Africa — In a pivotal diplomatic engagement today, NJ Ayuk, JD, MBA, Executive Chairman of the African Energy Chamber (AEC), led a distinguished delegation — including Senior Vice President Ayuegba and senior AEC officials — in a strategic discussion with H.E. Carlos Feo Acevedo, Venezuela’s Ambassador to South Africa. What began as a conversation about cooperation evolved into a compelling commitment to deepen Africa–Venezuela energy relations and forge new partnerships aimed at ending energy poverty across the Global South.
The discussions were grounded in the realities of Venezuela’s energy landscape. Home to the world’s largest proven oil reserves — an estimated 303 billion barrels representing roughly 17 percent of global reserves — Venezuela’s hydrocarbon wealth remains a cornerstone of its economy, contributing close to 90 percent of export earnings and more than half of government revenue. After years of decline that saw production plunge to around 300,000 barrels per day in 2020, output has rebounded to between 900,000 and 1.1 million barrels per day as of early 2026, a testament to the country’s enduring industrial base and resilience. The Orinoco Heavy Oil Belt continues to anchor the sector, and Venezuelan officials estimate that sustained investment of about $10 billion annually could lift production to as high as 2.5 million barrels per day within the next decade.
During the meeting, Ayuk emphasized that this moment presents immense opportunities for African companies and institutions to engage meaningfully in Venezuela’s energy resurgence, not merely as observers but as active partners. He noted that predictable governance, responsible resource management, and mutually beneficial investment frameworks are essential to unlocking Venezuela’s full potential — and that African investors stand to benefit alongside Venezuelan communities from expanded cooperation.
Today’s talks built on a long history of collaboration between the AEC and Venezuelan leadership. In early 2026, the Chamber issued a detailed statement supporting Venezuela’s stability as the key to energy recovery and long‑term growth, particularly amid political shifts that saw Delcy Rodríguez assume the role of Acting President of Venezuela. The AEC called on African states and the broader Global South to support Rodríguez’s leadership, highlighting the importance of institutional continuity and unity as drivers of investor confidence and sustainable development. Ayuk stressed that Africa’s support for Venezuela aligns with shared priorities of sovereign resource management and long‑term economic empowerment.
Importantly, Acting President Rodríguez is not just a symbolic figure in these discussions. She has been a consistent voice in promoting energy collaboration with Africa. At Africa Energy Week 2025 in Cape Town, Rodríguez delivered a powerful address urging African nations to unite in building their energy capacities and closing the deep inequality that still defines global energy access. Speaking to investors, governments, and energy leaders from across the continent, she highlighted Africa’s significant share of global oil reserves and production, framing energy sovereignty as central to development and prosperity. Her remarks called for a unified energy force that transcends traditional power imbalances and champions collective progress for the Global South.
That history of engagement — from shared platforms like Africa Energy Week to the AEC’s public calls for cooperation — set the stage for today’s substantive dialogue. Ambassador Feo Acevedo and the AEC delegation explored a range of areas for enhanced collaboration, from technical cooperation and capacity building to investment frameworks that encourage African participation in Venezuelan energy ventures. The conversation also reinforced Venezuela’s longstanding role within organizations such as OPEC and the African Petroleum Producers’ Organization, where it has advocated for African producers and supported shared capacity‑building programs.
Throughout the meeting, Ayuk reiterated that the partnership between Africa and Venezuela is based on mutual respect, shared development goals, and a common vision to eradicate energy poverty. He underscored that this is not merely a bilateral relationship, but an opportunity to strengthen South‑South cooperation in ways that can reshape global energy dynamics and create sustainable growth for both regions.
As energy markets evolve and nations seek more inclusive and resilient frameworks for resource development, today’s engagement highlights the growing importance of strategic alliances rooted in respect, shared interests, and collective ambition. The discussions in Cape Town send a clear signal that Africa and Venezuela are ready to work together toward a future where energy wealth becomes a source of prosperity and empowerment for their peoples.
