According to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), significant oil and gas deposits are found in Africa. The proven gas reserves of the continent are believed to be over 620 trillion cubic feet (Tcf), while the proven oil reserves are estimated to be 125 billion barrels, or roughly seven to nine percent of the world’s total oil reserves.
Speaking at the African Petroleum Regulators’ Forum (AFRIPERF) launch, Mr. Gbenga Komolafe, Chief Executive of the NUPRC, emphasized the importance of advancing continental goals for the development and utilization of hydrocarbon resources.
During its inaugural roundtable on the fringes of Nigeria Oil and Gas (NOG) Energy Week 2024, which took place in Abuja from July 1 to July 3, 2024, the NUPRC revealed the AFRIPERF.
“Fostering Collaboration and Sustainability in Africa’s Petroleum Industry” is the theme of the AFRIPERF roundtable.
“Aside from hydrocarbon resources, Africa is blessed with potential for solar, wind, biomass, green and blue hydrogen, and critical minerals for development of clean energy technologies and growing population; the latter is primarily composed of young people,” the speaker stated.
He claimed that Africa had the second-largest population in the world, with 1.49 billion people, compared to an estimated 1.1 billion people living in the United States and Europe combined.
He stated that it is anticipated that this population will continue to rise quickly in the upcoming decades. “Unfortunately, according to the World Bank and International Monetary Fund, Africa’s Gross Domestic Product (GDP), which currently stands at three trillion dollars, is very low compared to that of Europe at $22 trillion and the United States at $26.9 trillion,” he continued.
He went on to say that these figures demonstrated how important Africa is to the world’s youth population and that cooperation is required to develop targeted investments and policies that will benefit this expanding population group.
He said that the idea for an all-encompassing platform that would unite the regulators of the African petroleum industry originated during the Offshore Technology Conference in Houston, Texas, in May 2023, at the African Energy Leadership Forum and Awards.
“As we are all aware, we are faced with rapidly evolving global energy landscape, it is, therefore, imperative that we leverage our collective strengths to secure the appropriate energy source for the development of our nations and benefit of our 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,” he said.
Speaking on AFRIPERF’s goals, he stated that it will support collaboration and investment amongst regulators in African nations that produce petroleum, as well as make information exchange, technology transfer, and the sharing of best practices easier.
According to Mr. Joseph Ogunshola, Deputy Director, Reservoir Management and Unitization/Energy Transition and Carbon Monetization, NUPRC, the forum needed coordinated efforts to advance the goals and strategies put forth for AFRIPERF.
According to Ogunshola, 60% of Africa’s export revenue comes from hydrocarbons. This was said in a presentation titled “Fostering Collaborative and Sustainability of Africa’s Petroleum Industry: Establishment of the Africa Petroleum Regulatory Forum.”
He emphasized the need of having access to clean cooking fuel, using liquefied petroleum gas (LPG), maintaining a fair and equitable energy transition, and maintaining a balanced relationship between the energy situation and economic growth.
Ergbert Faibille, the Chief Executive Officer of the Petroleum Commission of Ghana, praised the NUPRC for the forum’s conception and organization and stated that Ghana would provide help to make sure it succeeds.
The meeting will give the continent’s regulators a chance to consider our opportunities and problems while making sure that Africa stays ahead of the curve in the global energy sector, he stated.
Fabille urged for an investment in a robust and uniform regulatory environment throughout the African continent, even as she expressed excitement at the resolution to produce the Abuja Declaration on the Forum for future references.
Speaking during the forum, Kanni Touray, the Deputy Director-General of the Gambia’s Petroleum Commission, expressed her happiness to be there.
According to Touray, the forum will allow the Gambia to absorb knowledge about Nigeria’s petroleum exploration and value chain.
