To work collaboratively in shaping the regulatory landscape of Africa as well as have a unified voice for stronger and more influential representation on the global stage, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has canvassed for the establishment of African Petroleum Regulatory Forum (AFRIPERF).

The Commission Chief Executive of NUPRC, Engr. Gbenga Komolafe, stated this on Tuesday in his address at   the 8th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) holding in Lagos, Nigeria, with the themed: “The Next Steps: Accelerating African Content”.

Africa has over 125 billion barrels of oil  reserves and about  620 trillion cubic feet of natural gas reserves. This is in addition to  other natural resource potentials.

As a resource rich continent, Komolafe noted that Africa must re-examine its strategies and respond through deliberate policies and programmes that suit its regional circumstances given the evolving global energy landscape.

“With over 125 billion barrels of oil and 620 trillion cubic feet of natural gas reserves as well as other natural resource potentials, Africa is richly endowed with resources, but we must re-examine our strategies and respond through deliberate policies and programmes that suit our regional circumstances given the evolving global energy landscape,” the NUPRC boss said.

“Accordingly, the time has come for African Petroleum Regulatory Agencies to come together to discuss our common challenges with a view to achieving our common objectives. At the heart of this vision is the need to establish the African Petroleum Regulatory Forum (AFRIPERF) to work collaboratively in shaping the regulatory landscape of Africa as well as have a unified voice for stronger and more influential representation on the global stage.

“It is our hope that the framework for the AFRIPERF engagement will be set-up in the course of this Conference to set the stage for future periodic meetings that will culminate in numerous benefits including entrenching best practices and regulatory stewardship, facilitating knowledge sharing and technology transfer, attracting investment and enhancing global competitiveness etc.”

According to Komolafe, Nigeria’s  oil reserves and gas reserves account for 30 percent and 34 percent of the African oil and gas reserves.

Although the actual national production currently averages 1.33 million barrels of oil per day and 256 thousand barrels of condensate per day, he said the national technical production potential currently stands at 2.26 million bpd, and the current OPEC quota is 1.5 million bopd.

In this regard, he said the commission is taking strategic measures such as improving transparency in hydrocarbon measurement and accounting; initiating collaborative work programme administration with the E & P companies, and close monitoring to ensure that they meet their work programme obligations; and acceleration of field developments (FDPs) through timely approvals and ensuring speedy execution.

Others include production optimisation; dentifying candidate wells for workover and interventions; and adoption of enhanced oil recovery processes and technologies, among others to tackle some challenges confronting the country in order to boost production and meet Nigeria’s potential.

With over 200 million population, many of whom under 30, Komolafe asserted that Nigeria represents hope for Africa.

Nigeria is targeting to achieve zero flare by 2030 and zero carbon by 2060, he explained that NUPRC is spearheading the national drive through several initiatives.

Komolafe said: “Aside from hydrocarbon resources, Nigeria is blessed with potentials for green and blue hydrogen, solar, wind, biomass and critical minerals for development of clean energy technologies as well as growing population predominated by young people.

With a coastline along the Gulf of Guinea, market size of more than 200 million people projected to reach between 390 million and 440 million people in 2050, Nigeria represents hope for Africa.

Interestingly, according to National Population Commission, about 70 percent of the Nigerian population are under 30, and 42 percent are under the age of 15 representing a huge economic asset. Indeed, Nigeria’s potentials are derived from its human, natural and material resources which must be mobilised to propel her on a path of economic growth and development and for her sustainable energy future.

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“As a country, Nigeria is also on track to meet its environmental stewardship obligations. Analysis of EU’s EDGAR database shows that Nigeria occupies a distant 165th position in the global ranking of top emitters, with a GHG emissions per capita at 1.88 tonnes CO2 equivalent per capita per year, representing just 0.13 percent of the global total.

Despite the low emissions, we are not resting on our oars. The Nigerian Upstream Petroleum Regulatory Commission is effectively spearheading the national drive to achieve zero-flare target by 2030 and net zero carbon emissions by 2060 through several initiatives including a unique flare commercialisation programme – the NGFCP.”