Petroleum Producers must unite and harness their capacities to unlock Africa’s latent potentials in the petroleum industry, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has said.
Komolafe spoke on Monday in Abuja at the African Petroleum Regulators Forum (AFRIPERF) Roundtable organised on the sidelines of the Nigeria Oil and Gas Conference (NOG) 2024 on the theme: “Fostering Collaboration and Sustainability in Africa’s Petroleum Industry: The launch of AFRIPERF and critical next steps.”
He said AFRIPERF was a products of a vision conceived during the last African Energy Leadership Forum and Awards at the Offshore Technology Conference in Houston, USA, in May 2023, with the primary goal of promoting collaboration, knowledge sharing, and the adoption of best practices across Africa towards a secure energy future.
The unified platform, he noted, would bring together the regulators of the African Petroleum Industry in view of the challenges as a result of a rapidly evolving global energy landscape and the imperative to leverage the continent’s collective strengths to secure the appropriate energy source for the development of member nations for the benefit of their people.
“The recent surge in hydrocarbon discoveries across Africa, coupled with the pressing need for a sustainable energy transition, demands a concerted effort from all of us. AFRIPERF will enable us to address these challenges head-on, ensuring that our regulatory frameworks are robust, our policies forward-thinking, and our actions aligned with global best practices,” the Commission Chief Executive said.
He identified the objectives and goals of AFRIPERF to include the promotion of cooperation and coordination among regulators of African petroleum producing countries; facilitation of knowledge sharing, technology transfer, and the dissemination of best practices, and enhancing the capacity of member countries in the sustainable management of petroleum resources.
Other objectives of the platform, he said, include advocacy for the interests of African petroleum producers on the international stage as well as the promotion of investments and economic developments in the petroleum sector across Africa.
The establishment of the AFRIPERF, Komolafe explained, signifies the commitment of the nation-States of Africa to work together to overcome common challenges and seize the opportunities that lie ahead to achieve their national aspirations in developing and utilising their hydrocarbon resources.
Africa, he said, was endowed with substantial oil and gas reserves, including about 125 billion barrels of proven oil reserves, or approximately 7-9% of the world’s total oil reserves, and about 620 trillion cubic feet (Tcf) of proven natural gas reserves, or about 7-8% of the global total.
Also, he said Africa was blessed with huge potential for green and blue hydrogen, solar, wind, biomass and critical minerals to develop clean energy technologies as well as a growing population predominated by young and vibrant people, which if effectively mobilised, could propel the continent on a path of economic growth and development.
Although he bemoaned Africa’s low gross domestic product (GDP), currently at about $3 trillion, compared to that of Europe at $22 trillion and the USA at $26.9 trillion, the CCE said these statistics highlight the need for collaboration for targeted policies and investments to support efforts to unlock the continent’s latent potential.
He said the roundtable engagement was crucial as it afforded participants to deliberate on the key mandate of AFRIPERF, develop a Charter, determine the frequency of meetings, governance structure, secretariat and areas of collaboration.
The CCE expressed confidence that AFRIPERF would lay a solid foundation and provide significant opportunities for networking, knowledge sharing, and establishment of strategic partnerships.
“By bringing together regulators from across the continent, we can create a conducive environment for investment, promote economic development, and enhance the sustainability of our petroleum sector,” he said.
