Nigeria’s Komolafe Leads Initiative to Establish African Oil and Gas Regulatory Group.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), under the leadership of Mr. Gbenga Komolafe, is driving the establishment of the African Petroleum Regulators Forum (AFRIPERF). This new body aims to facilitate knowledge sharing and technology transfer across the continent’s oil industry.
Speaking at the inaugural gathering in Abuja, Komolafe outlined the ambitious goals of AFRIPERF, emphasizing its role in promoting cooperation among regulators from African petroleum-producing countries. He stated that the forum would enhance the dissemination of best practices and boost the capacity of member countries in managing petroleum resources sustainably. Additionally, AFRIPERF will advocate for the interests of African petroleum producers on the international stage and promote investments and economic development within the sector.
The event, themed “Fostering Collaboration and Sustainability in Africa’s Petroleum Industry: The Launch of AFRIPERF and Critical Next Steps,” highlighted the forum’s commitment to overcoming common challenges and seizing opportunities to achieve national aspirations in hydrocarbon resource development.
Komolafe noted that Africa holds substantial oil and gas reserves, with proven oil reserves estimated at around 125 billion barrels (7-9% of the world’s total) and natural gas reserves at approximately 620 trillion cubic feet (7-8% of the global total). He also emphasized Africa’s potential for developing clean energy technologies, citing resources such as green and blue hydrogen, solar, wind, and biomass.
The establishment of AFRIPERF was first proposed during the African Energy Leadership Forum and Awards at the Offshore Technology Conference in Houston, USA, in May 2023. The idea emerged from the recognition of the need for a unified platform to promote collaboration, knowledge sharing, and the adoption of best practices across the continent.
“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,” Komolafe said.
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In her remarks, Kanni Touray, Deputy Director General of the Petroleum Commission of the Gambia, highlighted the importance of the forum for countries like hers that are in the early stages of the petroleum cycle. She stressed the necessity of learning from the experiences of more established oil-producing nations like Nigeria and Ghana.
Egbert Faibille Jnr., CEO of the Petroleum Commission of Ghana, expressed strong support for the initiative, emphasizing the need for Africa to balance energy transition goals with development aspirations. He pointed out the importance of negotiating terms that suit African needs and preventing investors from exploiting regulatory gaps in the continent’s upstream sector.
The establishment of AFRIPERF marks a significant step towards unified regulatory standards and collaborative efforts to harness Africa’s oil and gas potential effectively.
