ABUJA – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday launched the establishment of the African Petroleum Regulatory Forum (AFRIPERF) to unlock the potentials the continent’s oil and gas reserves which currently stands at an estimated 125 billion barrels, 620 trillion cubic feet (Tcf), respectively.
The NUPRC Chief Executive Officer, Engineer Gbenga Komolafe, who performed the launch at the sidelines of the ongoing Nigerian Oil and Gas Conference (NOG) in Abuja, AFRIPERF became necessary to enhance collaboration, knowledge sharing, and aligning regulatory frameworks to address the evolving global energy landscape and ensure a secure energy future for Africa.
“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.
According to the NUPRC boss, Africa’s Growth Domestic Products (GDP) which currently stands at $3 trillion is very low compared to that of Europe at $22 trillion and the USA at $26.9 trillion, with potentials derived from its human, natural and material resources which must be mobilised to propel the continent on a path of economic growth and development.
He summed up the importance of the new body to include opportunities for networking, knowledge sharing, and establishing strategic partnerships by bringing together 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.