African petroleum regulators unite to safeguard the continent’s energy future
By Esther Agbo
In a move aimed at safeguarding Africa’s petroleum industry from exploitation and enhancing its sustainability, the African Petroleum Regulators Forum (AFRIPERF) was launched on the sidelines of the Nigeria Oil and Gas Conference (NOG) 2024 in Abuja on Monday.
The forum, themed ‘Fostering Collaboration and Sustainability in Africa’s Petroleum Industry,’ marked a significant step towards a unified regulatory framework across the continent.
During the roundtable engagement, industry leaders emphasised the necessity of collaborative efforts to protect Africa’s petroleum industry from operators exploiting weaker regulatory environments.
With representatives from five African oil-producing nations in attendance, the forum highlighted the collective journey towards a more innovative and sustainable petroleum sector.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, delivered the keynote address, highlighting the establishment of AFRIPERF as a testament to Africa’s commitment to overcoming common challenges together and leveraging opportunities in the hydrocarbon sector.
At the African Energy Leadership Forum and Awards during the Offshore Technology Conference in Houston, USA, in May 2023, he stated that, “We recognised the need for a unified platform that would bring together the regulators of the African Petroleum Industry. AFRIPERF was born out of this vision, with the primary goal of promoting collaboration, knowledge sharing and adoption of best practices across our continent for a secure energy future.”
He mentioned that the forum aims to address the rapidly evolving global energy landscape, where collective strengths must be harnessed to secure energy resources vital for national development. With Africa’s proven oil reserves estimated at around 125 billion barrels and natural gas reserves at approximately 620 trillion cubic feet, the continent holds significant potential.
He said, “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.
“Currently, Africa holds substantial oil and gas reserves. The continent’s proven oil reserves are estimated to be around 125 billion barrels, representing approximately 7-9% of the world’s total oil reserves, while the proven natural gas reserves are estimated at around 620 trillion cubic feet (Tcf), which is about 7-8% of the global total.
“Aside from hydrocarbon resources, Africa is blessed with 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 people representing huge economic assets.
“Indeed, Africa’s potentials are derived from its human, natural and material resources which must be mobilised to propel the continent on a path of economic growth and development.
“With a population of 1.49 billion compared to the combined population of Europe and the USA estimated at 1.1 billion, Africa has the second largest population among the continents of the world. This population is expected to continue growing rapidly in the coming decades. Unfortunately, Africa’s GDP which currently stands at $3 trillion is very low compared to that of Europe at $22 trillion and the USA at $26.9 trillion.”
Komolafe added that the goals of AFRIPERF include promoting cooperation and coordination among African petroleum regulators, facilitating knowledge sharing and technology transfer, enhancing sustainable management of petroleum resources, advocating for African petroleum producers internationally, and fostering investments and economic development in the sector.
Echoing the words of American businessman Henry Ford, Komolafe noted, “Coming together is a beginning, staying together is progress, and working together is success.” He said the forum’s role in creating opportunities for networking, knowledge sharing, and establishing strategic partnerships, urging regulators to collaborate for a sustainable future.
Continuing, Engr. Komlafe emphasised the importance of the roundtable discussion, noting that regulators focused on AFRIPERF’s main objectives, developed a Charter, and determined the meeting frequency, governance structure, secretariat, and collaboration areas.
However, the head of NUPRC expressed confidence that AFRIPERF would offer substantial opportunities for networking, knowledge sharing, and forming strategic partnerships. He stated that by uniting regulators from across the continent, a favourable investment environment could be created, fostering economic development and enhancing the petroleum sector’s sustainability.
He concluded by encouraging the regulators to take advantage of this opportunity to collaborate, share knowledge, and build a brighter, more sustainable future for the continent.
