The Commission Chief Executive (CCE), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has disclosed that Africa’s proven oil reserve represents approximately 7-9% of the world’s total oil reserves.
As of 2022, the world holds around 1.56 trillion barrels in proven crude oil reserves.
The NUPRC boss also revealed that the continent’s proven natural gas reserves are estimated at around 620 trillion cubic feet (Tcf), which is about 7-8% of the global total (Mondaq).
The CCE disclosed this during 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, themed: “Fostering Collaboration and Sustainability in Africa’s Petroleum industry.”
According to Komolafe, 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.
Komolafe said Africa is blessed with potential for green and blue hydrogen, solar, wind, biomass and critical minerals for the development of clean energy technologies as well as 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 on a path of economic growth and development. With a population of 1.49 billion compared to a 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 continue growing 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% of the continent’s total population and approximately 18.8% of the global youth population (Sources: Worldometer, United Nations Population Division, World Bank, UNICEF),” Komolafe said.
The Deputy Director-General, Petroleum Commission, Gambia, Mr Kanni Touray, in his remarks, expressed delight to be part of the engagement, which he said will allow Gambia to learn from Nigeria which has experienced the full range of explanations in the oil and gas value chain.
Tribune Online reports that the launch of AFRIPERF and Critical Next Steps was borne 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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