Nigeria’s Hydrocarbon Riches and Potential for Sustainable Energy: Insights from Engr. Gbenga Komolafe at SAIPEC 2024
At the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), themed “The Next Steps: Accelerating African Content,” Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), lauded the Petroleum Technology Association of Nigeria (PETAN) for its efforts in promoting the development of the oil and gas industry and advancing local value creation.
He emphasized Nigeria’s technical capacity and human capital, which have contributed to the development of hydrocarbon resources in Sub-Saharan Africa.
Komolafe highlighted the evolving global energy landscape, noting the challenges posed by climate concerns and the need for a just and inclusive energy transition. He referenced President Bola Tinubu’s remarks at the United Nations General Assembly, emphasizing the importance of aligning Africa’s energy transition with its economic pursuits.
The Petroleum Industry Act, 2021 (PIA), aims to promote transparency, efficiency, and innovation for sustainable development of national hydrocarbon resources and renewable energy investments.
Nigeria’s oil and gas reserves represent 30% and 34% of the African total, respectively, with a current national production averaging 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day. The NUPRC is implementing strategic measures to boost production, including improving transparency in hydrocarbon measurement, accelerating field developments, and adopting enhanced oil recovery processes.
Komolafe also highlighted Nigeria’s potential for green and blue hydrogen, solar, wind, biomass, and critical minerals for clean energy technologies. With a growing population, Nigeria represents hope for Africa, with 70% of its population under 30 years old.
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The country is on track to meet its environmental stewardship obligations, with a low greenhouse gas emissions per capita. The NUPRC is leading efforts to achieve zero-flare targets by 2030 and net-zero carbon emissions by 2060 through initiatives like the NGFCP.
Komolafe called for African Petroleum Regulatory Agencies to establish the African Petroleum Regulatory Forum (AFRIPERF) to collaborate on shaping the regulatory landscape and enhancing global competitiveness. He emphasized Nigeria’s potential to emerge as a superpower, contingent on effectively addressing challenges and leveraging strengths.
The conference serves as a call for action and enhanced collaboration to unlock Africa’s vast opportunities, with a focus on sustainable energy development and regional integration.
