AFRIPERF symbolises a commitment among African countries to collaborate on managing their hydrocarbon resources, writes
AKPANDEM JAMES
Between the end of the first and the opening weeks of the second quarters of every year, a diverse group of energy professionals from around the world converge at the Offshore Technology Conference (OTC) in Houston, Texas, to network, share knowledge, showcase innovations and generally advance the global energy sector from their respective and collaborative perspectives. Nigeria, a major petroleum-producing and exporting country, usually parades a sizeable delegation from government and industry establishments at the annual global energy summit. Other African oil and gas-producing countries are also usually adequately represented.
During the 2024 outing, an idea that could fundamentally change the energy landscape in Africa was unveiled. It was an idea that would clip the wings of scavengers in the oil and gas terrain and open a vista for the growth and prosperity of oil-producing African countries. The inauguration of the African Petroleum Regulators Forum (AFRIPERF) represents a pivotal step towards safeguarding Africa’s oil and gas assets through enhanced collaboration and regulatory coordination. The idea was proposed by Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the African Energy Leadership Forum at the OTC.
The initiative targeted creating a continental platform for oil and gas producers to connect, share knowledge and form strategic partnerships that would ultimately drive investment and sustainable development in the petroleum sector. Giving a hint on the desirability of the initiative, Komolafe noted that the recent surge in hydrocarbon discoveries across Africa, combined with the urgent need for a sustainable energy transition, requires concerted efforts from all parties involved. “AFRIPERF will enable us to tackle these challenges directly, ensuring that our regulatory frameworks are robust, our policies are forward-thinking and our actions align with global best practices,” he stated.
By collaborating with other African regulators, he indicated they could collectively benefit from benchmarking regulatory practices. It was an idea inspired by potential threats to the sector’s survival in the continent and the crucial need for collaboration to protect it. The complexities of the global oil market require that African countries safeguard their petroleum resources from undue exploitation. Advocating for the platform, Komolafe pointed out that economic factors, including revenue generation and political leverage, are critical in the protection effort. He emphasized that oil-producing countries must leverage their collective strengths to secure energy sources for their populations, especially in light of evolving global energy dynamics.
He explained that regulators could utilise the new platform to collaborate, share insights and build a brighter and more sustainable future for Africa. Summarising the central theme of the initiative, the NUPRC boss noted that establishing AFRIPERF represents a commitment to working together to overcome common challenges while leveraging opportunities ahead for the development and utilisation of hydrocarbon resources across the continent.
As a follow-up to the discussions at the OTC, African regulators later convened in Abuja for the Nigeria Oil and Gas (NOG) Energy Week, in July 2024, where they formally launched AFRIPERF. The forum was designed to facilitate collaboration among regulators, aligning with global best practices to address common challenges in the petroleum industry. Being the initiator of the idea, Komolafe was mandated to lead the initiative, whose primary focus is preventing “forum shopping” by operators seeking weaker regulatory environments.
The Forum which has membership from oil and gas producing countries in Africa, including Angola, Ghana, Liberia, The Gambia, Mozambique, Tanzania, Uganda, Sierra-Leone and Senegal, principally aims to enhance governance through a unified regulatory framework to attract investment and ensure environmental protection; foster cooperation and improve regulatory practices through the promotion of knowledge sharing among African regulators; support sustainable practices by encouraging technology transfer and sustainable management of petroleum resources and improve operational efficiencies; and advocate on the global stage for the interests of African petroleum producers, ensuring their voices are not just heard but considered in international discussions about energy policies and practices.
AFRIPERF is, therefore, primed to be a pivotal force in driving regulatory harmonisation within the energy sector across Africa, with a mission focused on fostering sustainable growth, maximising the economic benefits of its hydrocarbon resources and ensuring a balanced and equitable energy transition. It seeks to promote sustainable development in the oil and gas industry while tackling the challenges related to energy transition. The mission revolves around the emplacement of a cohesive framework that enhances the management of the continent’s hydrocarbon assets and encourages a sustainable shift towards cleaner energy alternatives, ultimately contributing to economic development across the continent.
The cumulative focus on harmonising petroleum regulations and standards, enhancing regulatory capacity through training and promoting dialogue with industry stakeholders and international organisations reflects a strong commitment to harnessing the rich natural resources of the continent while ensuring that their development aligns with sustainable practices that benefit local economies and communities across the continent.
There are concerns however, that though a strategic and necessary initiative to salvage the sector from rampaging scavengers for enhanced growth and development of the respective national economies, AFRIPERF might suffer setbacks in implementing some core objectives because of peculiar national exigencies, including diverse regulatory environments, capacity constraints among member states, political instability and competing national interests. These factors could hinder cohesive action and standardisation across the continent. Furthermore, balancing immediate economic needs with long-term sustainability goals will be crucial as the continent navigates its energy transition.
Notwithstanding, these issues are not peculiar to the sector or region. They are ever-present in multinational collaborative engagements. A deliberate resolve to surmount them by focusing on the long-term economic gains could help push the objectives through less bumpy terrain. Last month’s meeting of the Forum anchored from Abuja, Nigeria, which featured no fewer than ten oil-producing countries, noted this challenge and enjoined regulators in Africa’s oil-rich countries to fashion out ways of ensuring the relevance and effectiveness of the forum for individual countries as well as for collective prosperity on the continent.
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At that meeting, the regulators reaffirmed their commitment to collaboration, harmonisation of regulations and sustainable growth within the continent’s petroleum sector. Discussions centred on strengthening collaborative efforts among member countries, including organising a pan-African webinar on regulatory trends and investing in harmonised training programmes. The collective resolutions of the APRIPERF are expected to pave the way for a more robust and resilient African petroleum sector, equipping the continent to tackle current and emerging challenges in the energy industry.
There is no doubt that this is a bold step in the right direction, given the nature of the sector and its criticality in global politics and the economic growth and sustainability of nations. AFRIPERF, therefore, symbolises a commitment among African countries to collaborate on managing their hydrocarbon resources effectively while ensuring sustainable development. By addressing these challenges collectively, the platform can create a more resilient and innovative oil and gas industry in Africa, ultimately benefiting local economies and communities across the continent.
James, a communication strategist, is a Fellow of the Nigerian Guild of Editors
Read the original article on This Day.
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