Nigeria has led African petroleum producers to sign a regulatory charter aimed at harmonising oil regulation in a bid to attract crucial investment across the region’s burgeoning energy sector.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in a statement, the charter will help to promote investments which is crucial amid declining investment from foreign countries.
Through this, African oil regulators are betting on a more integrated energy market where rules are consistent and transparent across jurisdictions can unlock capital.
Sixteen countries gathered in Accra, Ghana, to witness the signing of the charter establishing the African Petroleum Regulators Forum (AFRIPERF).
The signing ceremony was held on the sidelines of Africa Oil Week, was chaired by Mr Gbenga Komolafe, head of NUPRC and involved regulators from eight countries, including Nigeria, Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, and Togo, formally endorsed the charter, while seven others pledged support pending domestic consultations.
AFRIPERF aims to become the continent’s premier platform for regulatory cooperation, knowledge sharing and investment promotion in the petroleum sector.
Its mission includes creating standards, enhancing transparency and addressing cross-border challenges such as gas trade, emissions and digitalisation.
“This is a decisive step toward building a harmonized and sustainable petroleum industry in Africa,” said Mr Komolafe, who serves as interim chairman of the forum, noting that the forum will help ensure Africa’s hydrocarbon resources are managed with “innovation, responsibility, and foresight.”
The forum will be governed by an executive committee of regulatory heads, supported by a technical committee of subject-matter experts and a rotating secretariat. Elections for AFRIPERF’s chairperson and headquarters location are expected in the coming months.
“By activating our Executive Committee, Technical Commitee and Secretariat, we are establishing the functional pillars that will drive AFRIPERF forward, ensuring that our shared vision is translated into measurable results with defined timelines and accountability,” he added.
The move reflects a growing push by African nations to align energy governance with global standards while asserting a stronger voice in international energy policy.