From Adanna Nnamani, Abuja
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled the African Petroleum Regulatory Forum (AFRIPERF) to tap into the vast oil and gas reserves of the continent, currently estimated at 125 billion barrels and 620 trillion cubic feet (Tcf).
Engineer Gbenga Komolafe, the Chief Executive Officer of NUPRC, officially launched AFRIPERF at the sidelines of the Nigerian Oil and Gas Conference (NOG) in Abuja on Monday.
He explained that AFRIPERF is crucial for fostering collaboration, sharing knowledge, and aligning regulatory frameworks to adapt to the changing global energy landscape and secure a stable energy future for Africa.
He said: “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.”
The NUPRC boss said that Africa’s Gross Domestic Product (GDP) of $3 trillion is significantly lower than Europe’s $22 trillion and the USA’s $26.9 trillion. He stressed the need to harness Africa’s human, natural, and material resources to drive economic growth and development.
Komolafe assured that the new body will provide networking opportunities, facilitate knowledge sharing, and foster strategic partnerships by uniting 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