NUPRC Facilitates Africa’s 620Tcf Gas, 125bn Barrels Crude Utilisation

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a new initiative, AfriPERF, to fast-track the utilisation of Africa’s vast petroleum resources, which are estimated at 620 trillion cubic feet (Tcf) of natural gas and 125 billion barrels of crude oil.

The NUPRC chief executive Engr Gbenga Komolafe, who performed the launch at the sidelines of the ongoing Nigerian Oil and Gas Conference (NOG) Energy Week 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.

According to the NUPRC, Africa’s significant hydrocarbon reserves position the continent as a major player in the global energy landscape. The AFRIPERF initiative aims to drive increased investment and development of these resources for the benefit of African nations.

“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.

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