The Commission’s Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe has called on African leaders to urgently develop their hydrocarbon resources for the benefit of their citizens amidst changes in the global energy landscape.
Komolafe said the continent controls a substantial amount of global hydrocarbon resources which positions it for prosperity and energy security.
He gave the remark at the African Petroleum Regulators Forum (AFRIPERF) Roundtable Engagement which was held on the sidelines of the Nigeria Oil and Gas Conference (NOG) 2024.
The theme of the event was “Fostering Collaboration And Sustainability In Africa’s Petroleum Industry: The Launch Of Afriperf And Critical Next Steps.”
AFRIPERF was established to foster a more collaborative, innovative, and sustainable petroleum industry in Africa.
The CCE said 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.
Komolafe said aside from hydrocarbon resources, Africa is blessed with potential for green and blue hydrogen, solar, wind, biomass and critical minerals to develop clean energy technologies as well as a growing population predominated by young people representing a huge economic asset.
“Indeed, Africa’s potentials are 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 said.
The NUPRC boss said that Africa must leverage its collective strengths to secure the appropriate energy source.
“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,” he added.