The commission inaugurated the AFRIPERF at its maiden roundtable on the sidelines of the Nigeria Oil and Gas (NOG) Energy Week 2024 holding from June 30 to July 4, 2024 in Abuja.

The theme of the event is: “Fostering Collaboration and Sustainability in Africa’s  Petroleum industry.”

The News Agency of Nigeria (NAN) reports that the primary goal of the AFRIPERF is to promote collaboration, knowledge sharing, and the adoption of best practices across our continent for  a secured energy future.

Mr Gbenga Komolafe, Chief Executive of the NUPRC, described the forum as a significant milestone in the collective journey toward fostering a more collaborative, innovative, and sustainable petroleum industry in Africa.

Komolafe said the AFRIPERF signified African’s commitment to overcome common challenges to achieve national aspirations in the development and utilisation of hydrocarbon resources.

“Currently, Africa holds substantial oil and gas reserves. The continent’s proven oil reserves are  estimated to be 125 billion barrels, representing approximately seven to nine per cent of the world’s total oil reserves, while the proven natural gas reserves are estimated at around 620 trillion cubic feet (Tcf).

“Aside from hydrocarbon resources, Africa is blessed  with potential for green and blue hydrogen, solar, wind, biomass and critical minerals for development of clean energy technologies and growing population pre-dominated by young people,” he said.

He said with a population of 1.49 billion compared to a combined population of Europe and U.S. estimated at 1.1 billion, Africa had the second largest  population among the continents of the world.

This  population, he said, is expected to continue growing rapidly in the coming decades.

“Unfortunately, Africa’s Gross Domestic Product (GDP) which currently stands at three trillion dollars is very low compared to that of Europe at  $22 trillion and U.S. at $26.9 trillion according to the World Bank, International Monetary Fund,” he added.

He explained that these statistics underscored Africa’s significant role in the global youth demographic and highlighted the need  for collaboration for targeted policies and investments that would support this growing segment of the population.

He noted that the need for a unified platform that would bring together the regulators of the African Petroleum Industry was conceived during the African Energy Leadership Forum and Awards at the Offshore Technology Conference in Houston, USA, In May 2023.

“As we are all aware, we are faced with 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 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 said.

Speaking on the objectives of AFRIPERF, he said it would promote investment and cooperation among regulators of African petroleum producing countries, facilitate knowledge sharing, technology transfer, and the dissemination of best practices.

Mr Joseph Ogunshola, Deputy Director, Reservoir Management and Unitisation/Energy Transition and Carbon Monetisation, NUPRC 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.

Mr Ergbert Faibille, the Chief Executive Officer,  Petroleum Commission, Ghana, 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. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma