African Petroleum Regulators Forum Essential for Oil Sector Growth – Komolafe

Establishing the African Petroleum Regulators Forum (Afri-PERF) is essential for enhancing collaboration among Africa’s oil-producing countries, according to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission.

Speaking at the Nigeria Oil and Gas Conference in Abuja, Komolafe emphasized the need for collective strength in the evolving global energy landscape to secure suitable energy sources for national development and the benefit of African people. He highlighted that Africa holds significant oil and gas reserves, with proven oil reserves estimated at 125 billion barrels and natural gas reserves around 620 trillion cubic feet, representing approximately 7-9% and 7-8% of the global totals, respectively.

Afri-PERF aims to enhance member countries’ capacity in sustainable petroleum resource management, advocate for African petroleum producers on the international stage, and promote investments and economic development in the sector across Africa. Meanwhile, Felix Ogbe, Secretary of the Nigeria Content Development Monitoring Board, announced five focal areas for implementing the presidential directive on promoting local content, which includes utilizing in-country capacities, enhancing cost competitiveness of oil and gas projects, and ensuring Nigerian Content Plan approval for contractors meeting legal definitions and capacity requirements.

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