Oritsegbubemi Omatseyin
Lagos — Regulators in the African oil and gas industry under the auspices of the African Petroleum Regulators Forum, AFRIPERF, have on the sidelines of the 2024 Nigeria Oil and Gas (NOG) week, introduced a six-point charter that aims to promote investment and economic development in the petroleum sector across Africa.
Tagged the ‘Abuja Declaration’ the charter seeks to promote collaboration and coordination among regulators of African petroleum-producing countries, facilitate knowledge sharing, technology transfer and the dissemination of best practices.
Furthermore, the charter highlights the need for enhancing the capacity of member nations in sustaining petroleum resource management and advocating for member countries’ interests at international levels in collaboration with relevant intergovernmental organisations.
The governing structure of AFRIPERF allows each member state to nominate five competent persons into the forum. It also establishes an executive council to serve as the governing body of the forum and a central decision-making and oversight body responsible for shaping the forum’s strategic direction and policies. Other components include the secretariat and the technical and subcommittees.
With the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, serving as the pioneer chairman pending the ratification of the charter, the African Petroleum Regulators Forum is considering granting observer status to African national oil companies.
The Chief Executive Officer 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”.
Those present at the inaugural roundtable meeting of AFRIPERF include Mr. Egbert Faibille, the Chief Executive Officer of the Petroleum Commission Ghana; Ms. kanni Touray, Deputy Director of the Gambia Petroleum Commission; officials of the Nigerian Upstream Petroleum Regulatory Commission led by the CEO and officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The forum is expected to reconvene in Abuja in three months.