The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, on Monday said Africa’s proven oil reserve is 7-9 per cent of the world’s total oil reserves.
Komolafe also revealed that the continent’s proven natural gas reserves are estimated at around 620 trillion cubic feet (tcf), about 7-8 per cent of the global total.
He spoke at the launch of the African Regulations Forum (AFRIPERF) and Critical Next Steps Roundtable Engagement on the sidelines of the Nigeria Oil and Gas Conference (NOG) 2024 in Abuja, with it themed: “Fostering Collaboration and Sustainability in Africa’s Petroleum industry.”
Komolafe said the major objectives of AFRIPERF are to promote cooperation and coordination among regulators of African petroleum-producing countries; facilitate knowledge sharing, technology transfer, and the dissemination of best practices; enhance the capacity of our member countries in the sustainable management of petroleum resources; advocate for the interests of African petroleum producers on the international stage; promote investments and economic development in the petroleum sector across.
According to him, Africa is also blessed with potential for green and blue hydrogen, solar, wind, biomass and critical minerals for clean energy technologies and a growing population predominated by young people representing a huge economic asset in addition to hydrocarbon resources.
“Indeed, Africa’s potentials are derived from its human, natural and material resources which must be mobilised to propel the continent for economic growth and development. 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. This population is expected to grow rapidly in the coming decades. Notably, Africa has a substantial share of the global youth population.
According to the United Nations and various demographic studies, Africa’s youth population (defined as individuals aged 15-24) is approximately 226 million, making up about 20 per cent of the continent’s
total population and approximately 18.8 per cent of the global youth population (Sources: Worldometer, United Nations Population Division, World Bank, UNICEF),” he said.
Kanny Touray, the Deputy Director-General, Petroleum Commission, Gambia, expressed delight to be part of the engagement, which will allow Gambia to learn from Nigeria which has experienced the full range of explanation in the oil and gas value-chain.
The launch of AFRIPERF and Critical Next Steps was born out of the resolution made at the African Energy Leadership Forum and Awards at the Offshore Technology Conference held in Houston, USA, in May 2023, to ensure a unified platform that would bring together the regulators of the African Petroleum Industry.
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