Browsing: State of African Energy

• Majority of 2024’s capex was driven by established producers like Angola and Nigeria.
• Senegal is an example of how operator-friendly policies, political stability, and vast reserves can attract foreign investment.
• Africa holds nearly 18 trillion cubic meters of natural gas reserves, which will prove essential for a just energy transition.

I’ve said for years that African energy is a vital investment. Backers clearly agree — to the tune of $47 billion. That’s how much capital expenditure (capex) 2024 saw in African oil and gas, showing a 23 per cent increase from last year. Better yet, we expect growth to continue through the end of the decade.

This capex activity is a welcome sign that energy majors are deepening their long-term interests in Africa. And as our 2025 State of African Energy report details, their momentum has created unique opportunities for local communities, indigenous companies, and national oil companies (NOCs) from …