Yemisi Izuora

A major milestone in quest to strengthen investment in Africa’s oil and gas industry has been highlighted by the African Petroleum Regulators Forum (AFRIPERF).

The forum on the sidelines of the 2024 Nigeria Oil and Gas (NOG) week, in Abuja introduced a six-point charter that aims to promote investment and economic development in the petroleum sector across Africa.

Establishing the African Petroleum Regulators Forum, Afri-PERF, remains crucial to fostering collaboration among the continent’s oil producing countries.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, expressed confidence that the forum would be a landmark achievement in the continent’s regulatory environment.

Komolafe said that with the rapidly evolving global energy landscape, it was therefore imperative for the sector to leverage on its collective strengths to secure the appropriate energy source for the development of its nations and the benefit of its people.

He said, “Currently, Africa holds substantial oil and gas reserves. The continent’s proven oil reserves are estimated to be around 125 billion barrels, representing approximately 7-9 per cent of the world’s total oil reserves, while the proven natural gas reserves are estimated at around 620 trillion cubic feet (Tcf), which is about 7-8 per cent of the global total”.

The Afri-PERF has as some of its objectives to include, enhancing the capacity of its member countries in the sustainable management of petroleum resources, advocating for the interests of African petroleum producers on the international stage, as well as to promote investments and economic development in the petroleum sector across Africa.