Nigeria’s Komolafe Spearheads Formation of Africa’s Oil, Gas Regulators’ Body

•New forum to facilitate knowledge sharing, technology transfer, others

Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) led by Mr Gbenga Komolafe, is spearheading the formation of the African Petroleum Regulators Forum (AFRIPERF) to, among others, facilitate knowledge sharing as well as technology transfer in the continent’s oil industry.

Speaking at a maiden gathering in Abuja yesterday to fast-track the establishment of the organisation, Komolafe said the objectives of AFRIPERF were clear and ambitious and would be pursued with all vigour.

He noted that the forum when fully formed, will promote cooperation and coordination among regulators of African petroleum producing countries as well as enhance the dissemination of best practices.

In addition, the NUPRC chief executive explained that it will enhance the capacity of its member countries in the sustainable management of petroleum resources and help to advocate for the interests of African petroleum producers on the international stage.

Besides, Komolafe explained that the proposed AFRIPERF will promote investments and economic development in the petroleum sector across Africa.

The roundtable was themed: “Fostering Collaboration and Sustainability in Africa’s Petroleum Industry: The Launch of AFRIPERF and Critical Next Steps.”

The establishment of the AFRIPERF, he said, signifies the regulators’ commitment to working together to overcome common challenges and seize the opportunities that lie ahead to achieve their national aspirations in developing and utilisation of their hydrocarbon resources.

He explained that currently, Africa holds substantial oil and gas reserves, with the continent’s proven oil reserves estimated to be around 125 billion barrels, representing approximately 7-9 per cent of the world’s total oil reserves.

On the other hand, he stated that 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.

“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.

4. With a population of 1.49 billion compared to the combined population of Europe and the USA estimated at 1.1 billion, Africa has the second largest population among the continents of the world,” he added.

First mooted during the African Energy Leadership Forum and Awards at the Offshore Technology Conference in Houston, USA, In May 2023, he said the oil and gas regulators recognised the need for a unified platform that would bring them together.

“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,” Komolafe said.

He argued that the recent surge in hydrocarbon discoveries across Africa, coupled with the pressing need for a sustainable energy transition, demands a concerted effort from everyone.

“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 emphasised.

By extending to other African regulators, he stated that collectively, they can achieve the advantage of benchmarking regulatory practices.

In her remarks, the Deputy Director General, Petroleum Commission of the Gambia, Kanni Touray, noted that because the country is at the very infant stages of the petroleum cycle,  made it even more of a necessity.

“It is countries like Nigeria and Ghana that we look up to, who have gone through the entire spectrum, from exploration to development to production that we can look up to and to copy the good things that they have accomplished.

“We then maybe learn from their mistakes so that we don’t repeat them in our jurisdictions,” she observed.

Also speaking, the Chief Executive Officer of the Petroleum Commission of Ghana, Egbert Faibille Jnr., noted that Ghana was very supportive of the move.

“While the Western nations are doing everything within their power to ensure that all of us go into energy transition, we on this side, particularly Africa, are also very mindful of the fact that our contributions to global warming and what have you, is virtually zero.

“And so, what happens to our resources? Do we leave them and join the energy transition as it’s being called or do the energy transition in a way that is receptive to our needs, our development aspirations?

“So, a forum like what has just been established is one that will make us think through what our prospects are, what our challenges are, and indeed everything that is imperative to ensure that Africa is not left behind. But in doing so, it is also important that we negotiate our own terms,” he stated.

He pointed out that sometimes some investors tend to take advantage of the lack of standards in the African upstream space and end up dictating what terms that they want.

“So these are some of the things that the  AFRIPERF  has been set up to do, and I’m happy that we are resolved here and now that we’ll come up with that Abuja Declaration,” he stated.