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African oil producers target $3 trillion GDP, shared framework – The Guardian

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Oil producers across Africa are working hard to make out the best from the continent’s 125 billion barrels of crude and about 620 trillion cubic feet of natural gas reserves by streamlining regulatory frameworks.

The countries during a roundtable engagement held on the sidelines of the Nigeria Oil and Gas Conference (NOG) 2024 in Abuja announced the establishment of the African Petroleum Regulators Forum (AFRIPERF), which aims to improve the oil sector and push the continent’s gross domestic product to over $3 trillion.

Themed: ‘Fostering Collaboration and Sustainability in Africa’s Petroleum Industry’, the regulators insisted that there is a need for cooperation and sustainable development in Africa’s petroleum sector.

This comes as West Africa’s leading energy conference and exhibition, organised by dmg Nigeria events in partnership with Levmora Services, said the event is committed to addressing critical issues surrounding Nigeria’s gas sector, including the adequacy of gas connectivity, investment gaps, the role of policy and public-private partnerships.

The conference, according to dmg events, is set to explore solutions to the current obstacles to achieving energy availability, affordability, accessibility and sustainability.

At the NOG event, industry leaders will explore the strategies needed to deliver a thriving domestic gas market. The session dedicated to gas will focus on three integral areas – domestic gas market development, upstream gas production plans and gas infrastructure.

The session will also feature senior representatives from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), NNPC Limited, Nigeria LNG Limited, Nigeria Liquefied Petroleum Gas Association and UTM FLNG Limited.

 

The discussions are set to explore alternative gas pricing models, barriers to increasing LNG and CNG usage, and government strategies to encourage non-associated gas production.

Portfolio Director, Africa and Country Director, dmg Nigeria events, Wemimo Oyelana, said the conference would explore solutions to the current obstacles to achieve energy availability, affordability, accessibility and sustainability.

“Nation-wide, it is essential to prioritise a sustainable and economically feasible transformation of the energy sector. The Presidential directives that have been announced are paving the way for an investment-friendly environment.

“Every year, NOG Energy Week attracts senior energy industry custodians from both the public and private sector and we are working with the speaker faculty to ensure that the conversations that take place at the Strategic Conference have clearly defined next steps,” he said.

Speaking at the event, Chief Executive of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said despite the continent’s 1.49 billion population and a significant economic asset, Africa’s GDP lags behind Europe’s $22 trillion and the United States’ $26.9 trillion.

 

According to him, AFRIPERF aims to unify the continent’s petroleum regulators, promote knowledge sharing and adopt best practices to overcome common challenges and seize emerging opportunities.

Komolafe said apart from hydrocarbon resources, Africa is rich in renewable energy potentials, including green and blue hydrogen, solar, wind and biomass as well as critical minerals for clean energy technologies.

He disclosed that AFRIPERF was conceived during the African Energy Leadership Forum and Awards at the Offshore Technology Conference held Houston last year, noting that it would create a unified platform for Africa’s petroleum regulators to collaborate, share knowledge and adopt best practices for a secure energy future.

He added that the forum would address the rapidly evolving global energy landscape, ensuring robust regulatory frameworks, forward-thinking policies and alignment with global best practices.

Komolafe said the promotion of cooperation among African petroleum regulators, facilitation of knowledge sharing, technology transfer, enhancement of sustainable management of petroleum resources, advocacy for African petroleum producers on the international stage and promoting investments as well as economic development would be achieved through the platform.

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