By: Zawya

Sixteen African countries signed or endorsed the charter of AFRIPERF on September 18 during Africa Oil Week in Accra. Chaired by Gbenga Komolafe, head of Nigeria’s upstream oil regulator, the forum seeks to become the continent’s main platform for cooperation and standard-setting in the oil sector. Its goal is to create a clearer, more transparent environment to unlock capital, at a time when oil investments in Africa are declining sharply.

In recent years, ExxonMobil has exited Ghana and Equinor has left South Africa, while several large projects—from Uganda’s EACOP pipeline to Mozambique’s LNG developments—face delays and funding challenges. The trend is worsened by banks and international financial institutions reducing their exposure to fossil fuels.

The African Energy Chamber (AEC) has described this as “financial apartheid.” In a recent paper, it noted that in Europe, natural gas is financed as a transition energy, but in Africa, costs are considered too high. In this context, unified rules among producing countries could improve legal security, shorten timelines, and make projects more attractive.

The urgency is heightened by sector dynamics. The latest report from the International Energy Agency (IEA) shows that decline rates in oilfields are accelerating, particularly in offshore and shale projects. Without continuous investment, global production would lose each year the equivalent of the combined output of Brazil and Norway. Nearly 90% of upstream investment goes simply to offset this decline.

For Africa, where 600 million people lack electricity and 900 million still rely on unsafe cooking methods, this pullback directly threatens energy security and government revenues.