4 months ago
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a new initiative, AfriPERF, to fast-track the utilisation of Africa’s vast petroleum resources, which are estimated at 620 trillion cubic feet (Tcf) of natural gas and 125 billion barrels of crude oil.
The NUPRC chief executive Engr Gbenga Komolafe, who performed the launch at the sidelines of the ongoing Nigerian Oil and Gas Conference (NOG) Energy Week in Abuja, AfriPERF became necessary to enhance collaboration, knowledge sharing, and aligning regulatory frameworks to address the evolving global energy landscape and ensure a secure energy future for Africa.
According to the NUPRC, Africa’s significant hydrocarbon reserves position the continent as a major player in the global energy landscape. The AFRIPERF initiative aims to drive increased investment and development of these resources for the benefit of African nations.
“Today marks a significant milestone in our collective journey towards fostering a more collaborative, innovative, and sustainable petroleum industry in Africa.
“The establishment of the AFRIPERF signifies our commitment to working together to overcome common challenges and seize the opportunities that lie ahead to achieve our national aspirations in developing and utilisation of our hydrocarbon resources,” he said.
According to the NUPRC boss, Africa’s Growth Domestic Products (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, with potentials derived from its human, natural and material resources which must be mobilised to propel the continent on a path of economic growth and development.
He summed up the importance of the new body to include opportunities for networking, knowledge sharing, and establishing strategic partnerships by bringing together regulators from across the continent.
“During the African Energy Leadership Forum and Awards at the Offshore Technology Conference in Houston, USA, In May 2023, 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 the adoption of best practices across our continent for a secure energy future.
“As we are all aware, we are faced with a 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 the 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 added.
“By collaborating with other african petroleum sector regulators we can achieve the advantage of benchmarking our regulatory practices to share data, knowledge in a manner that will be in the interest of Africans.
“With the momentum on energy transition, the western institutions do what is called forum shopping, that is, looking for ‘weaker’ jurisdictions that they can take advantage of in terms of the development of hydrocarbon resources,” Komolafe added.
According to him, forming a common alliance will enable the continent to standardise its regulatory approaches, share knowledge, data and experiences for the common good. In his presentation, deputy director Reservoir Management and Unitisation/Energy Transition and Carbon Monetisation, NUPRC Joseph Ogunshola, said the forum required concerted efforts to drive initiatives and objectives proposed for AFRIPERF.
Ogunshola, in a presentation entitled: “Fostering Collaborative and Sustainability of Africa’s Petroleum Industry: Establishment of the Africa Petroleum Regulatory Forum,” said 60 per cent of Africa’s export earnings were from hydrocarbons.
He underscored the need for access to clean cooking fuel, Liquefied Petroleum Gas (LPG) utilisation and balanced relationship between energy situation and economic growth and fair balance equitable energy transition.
The chief executive officer, Petroleum Commission, Ghana, Egbert Faibille, lauded the NUPRC for conceiving and putting together the forum, adding that Ghana would be supportive to ensure its success.
“The forum will enable the regulators in the continent to think through what our prospects are, what our challenges are and ensure that Africa is not left behind in the global energy industry,” he said.
Fabille, while expressing enthusiasm on the resolution of producing the Abuja Declaration on the Forum for future references called for an investment in a firm and harmonised regulatory environment across African continent
Also speaking, Kanni Touray, the deputy director general, Petroleum Commission, the Gambia, expressed delight to be part of the forum.
Touray said that the forum would enable the Gambia to learn from Nigeria’s exploration and petroleum value chain.
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