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African Energy 2024: Surging Investment, Waves of Change (By NJ Ayuk)

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1 year ago

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African Energy 2024

Capex trends all demonstrate that investors won’t limit themselves to mature fields: Eyes are on fresh locations, fresh facilities, and fresh opportunities in Africa

JOHANNESBURG, South Africa, December 16, 2024/APO Group/ — 

By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org/).

I’ve said for years that African energy is a vital investment. Backers clearly agree — to the tune of USD47 billion. That’s how much capital expenditure (capex) 2024 saw in African oil and gas, showing a 23% 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 other continents.

Emerging Players

While the majority of 2024’s capex was driven by established producers like Angola and Nigeria, emerging players are making noise in the industry. Take Senegal, which saw its first offshore oil production this year. Ghana, following a five-year slump, increased oil output during 2024 by 10% and gas output by 7%.

Exploration hotspot Namibia also deserves a special mention: The Southern African nation aims todrill over 12 offshore wells next year, begin production by 2029, and become one of the top-five African producers by the 2030s. Good work for a nation that only discovered its enormous reserves in 2022! I frequently cite Namibia because it proves that a complete newcomer can attract serious foreign investment with smart, swift policy changes — and poise itself to shake up the energy industry.

Increased Exploration

An exciting question remains: Just where will we find the next Namibia? Thanks to a resurgence in exploration, another hotspot may be around the corner. There were 1,060 wells drilled in Africa this year — more than any time since 2015. Africa has also become a global leader in drilling high-impact wells, which have the potential to significantly increase overall reserves. That strategy is already paying off: Notable 2024 finds include Namibia’s Mopane complex, which holds approximately 10 billion barrel of oil equivalent (boe) – “one of the world’s largest offshore finds,” according to Offshore Magazine. Even while global exploration as a whole remains stagnant, Africa is stepping up to meet growing energy demands.

When exploration is successful, new fields follow. We also expect to see African greenfield spending exceed brownfield by 10% by 2030. These capex trends all demonstrate that investors won’t limit themselves to mature fields: Eyes are on fresh locations, fresh facilities, and fresh opportunities in Africa.

A Gas Future

As we highlight in our 2025 report, one of those opportunities is natural gas. Africa holds nearly 18 trillion cubic meters of reserves, which will prove essential for a just energy transition as natural gas can provide significant near-term emissions reductions while fostering energy security and economic development. Global demand for this clean-burning resource is also growing, particularly in Asia. That’s why I’m glad to see a greater emphasis on developing natural gas resources. In 2023, capex spending on natural gas was about 30%, but this is projected to grow 10% by 2030. It’s another sign that more investors are thinking in the long term about Africa, and interested in being part of a just energy transition.

Take Senegal, where the Greater Tortue Ahmeyim gas field will begin production next year. A Final Investment Decision is also expected in 2024 on Yakaar-Teranga. The West African nation is another fantastic example of how operator-friendly policies, political stability, and vast reserves can attract significant foreign investment: I’m excited to see Senegal transform itself from an oil importer to a gas exporter.

I urge all parties to continue building a thriving energy industry that takes Africa – and the world – into the next century

M&A Opportunity

The past year saw a huge increase in divestment by O&G majors: Large IOCs are aggressively streamlining their African portfolios. As a rule, they’re selling mature, high-emission, and high-cost assets. While large divestments often signal trouble, they’re actually creating some promising changes for African O&G.

For one, Asian and Middle Eastern nations are purchasing more assets: Dubai, Qatar, the U.A.E., Malaysia, and Chinese NOCs acquired stakes in Egypt, Mozambique, Namibia, Kenya, and South Africa this year. As global demand for energy grows, particularly in Asia, I’m glad to see these nations looking to Africa for long-term solutions.

Foreign divestment also matters because it’s creating opportunities for indigenous companies. Thanks to a recent Shell acquisition, Aradel Holdings became Nigeria’s most valuable oil company (https://apo-opa.co/3ZVzGwh). In Angola, IOC Afentra has acquired Azule’s (a joint BP and Eni venture) assets and plans to dramatically increase the nation’s overall output.

“Having the big players sell to independents is the future,” oil trader Trafigura said in a statement.

It’s a promising pattern: Majors sell off mature assets and use the capital to invest in fresh fields and facilities. Independent foreign or indigenous companies use their acquired assets to expand but are spared the expense of building facilities from the ground up. These smaller companies are also strongly motivated to further develop and reduce emissions from these existing fields — an environmental and financial win for everyone.

The Angolan government clearly agrees, encouraging regional players with tax incentives and reduced government profit shares. It will be truly fascinating to watch this industry shakeup in Nigeria and Angola, which have been dominated for decades by majors.

It’s no secret that Africa needs O&G majors to stay: They drill over half of our exploration wells and hold a quarter of the continent’s equity production. However, I’m thrilled to see indigenous companies growing and harnessing these assets to their fullest extent.

Conclusion

Just what prompted this surge in African capex? A great deal of credit goes to common sense policy changes in nations such as Namibia, Senegal, Mauritania, Egypt, and Angola. We can also point out that the COVID-19 pandemic artificially slowed capex for several years, so an uptick was inevitable once the world opened up again. 

However, I believe a lot of it comes down to economic reality: Global energy needs are rising. Africa has vast, untapped resources. I urge all parties to continue building a thriving energy industry that takes Africa – and the world – into the next century.

For further insights, check out our 2025 State of African Energy report here (https://apo-opa.co/3ZHldTr).

Distributed by APO Group on behalf of African Energy Chamber.

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Sierra Leone’s PDSL to Host Strategic Investor Roundtable at Paris Energy Forum

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March 24, 2026

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The Petroleum Directorate of Sierra Leone will lead a targeted roundtable at Invest in African Energy 2026, spotlighting upstream potential and cross-regional partnerships

PARIS, France, March 24, 2026/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL) is set to convene an investor roundtable at Invest in African Energy (IAE) Forum 2026 in Paris, underscoring growing interest in West and North African energy markets and the need for deeper capital engagement across exploration, renewable and offshore services. The session reflects a strategic effort by Sierra Leone to connect its emerging upstream prospects with established operators and project developers as the country moves to unlock the full potential of its emerging oil and gas industry.

 

Sierra Leone is increasingly positioning itself as a frontier oil and gas market with significant offshore potential, and part of the PDSL’s mandate is to catalyze investment interest in its offshore acreage through direct engagement with global capital. Recent data suggest the country holds estimated recoverable resources in the tens of billions of barrels, backed by discoveries and extensive multi‑client seismic datasets that prospective investors are evaluating. The PDSL is actively promoting licensing opportunities and drilling plans, emphasizing fiscal terms and exploration readiness to attract strategic partners.

 

A cornerstone of this strategy is the anticipated launch of the country’s sixth licensing round. Offering a rare early-entry opportunity into a largely untapped deepwater terrain with considerable upside, the upcoming bid round is backed by fresh 3D datasets which de-risk exploration and support new drilling campaigns. Just this month, GeoPartners announced that the final Pre-Stack Time Migration data for its recently acquired 3D multi-client seismic survey in the country was complete and is now available for licensing. The dataset provides a 3D window into the hydrocarbon potential of the underexplored northern Sierra Leone region.

 

Sierra Leone’s licensing drive comes as major operators advance exploration activities. In 2025, Eni signed a Reconnaissance Permit Agreement with the PDSL, securing rights to conduct reconnaissance and technical evaluation activities across offshore blocks G113, G129, G130, G131 and G132. The acreage covers 6,790 square kilometers within Sierra Leone’s territorial waters. Nigeria’s F.A. Oil Limited is pursuing drilling following its award of six offshore blocks through the country’s fifth licensing round in 2023. The company is currently seeking a farm-in partner to advance the project from exploration to production, offering a 40% stake in each of the G Blocks 53, 54, 55, 71, 72 and 73.

 

As these development unfold, the upcoming roundtable at IAE 2026 offers a unique opportunity for operators and policymakers to engage potential investors. The IAE 2026 Forum has become a strategic bridge between African upstream opportunities and global investors, with sessions like the PDSL roundtable designed to foster deeper dialogue and provide clarity on project pipelines and investment prerequisites. Discussions are expected to cover mechanisms for de‑risking exploration activity, optimizing fiscal and contractual frameworks and identifying synergies between hydrocarbon investment and renewable energy commitments.

 

For investors seeking differentiated exposure to African energy markets, the Sierra Leone roundtable represents both a focused exploration of frontier oil potential and a broader conversation about regional infrastructure, partnerships and the evolving demands of energy capital in the years ahead.

 

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com

 

Distributed by APO Group on behalf of Energy Capital & Power.

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Cape Town Prepares for African Mining Week 2026 as Draft Program Reveals Continent’s Mineral Drive

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March 24, 2026

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African Mining Week returns for its 2026 edition with an expanded three-day program, bringing together African mining leaders and global partners to shape the future of the continent’s mining sector

CAPE TOWN, South Africa, March 24, 2026/APO Group/ –Global economic trends – from record-breaking commodity prices to intensifying geopolitical competition for resources – are reshaping the strategic importance of Africa’s mineral wealth. As global countries race to secure supply chains for energy transition metals – which are expected to triple by 2030 – Africa is positioning its 30% share of the world’s critical minerals as a key pillar of economic growth. African governments are modernizing mining codes, developing industrial corridors and investing in mineral processing facilities to support local beneficiation, job creation, workforce development and regional mineral markets.

 

Against this backdrop, the upcoming African Mining Week (AMW) Conference & Exhibition – Africa’s premier gathering for mining stakeholders – has launched the draft program for its 2026 edition {https://apo-opa.co/3NneKLj}. Scheduled to take place October 14–16 in Cape Town, the event provides a platform where policymakers, global investors, project operators, technology providers, academia and mining service companies examine Africa’s mining opportunities, challenges and long-term strategic direction.

Under the theme ‘Mining the Future: Unearthing Africa’s Full Mineral Value’, the three-day, multi-track agenda reflects the growing urgency among African markets to strengthen value addition across the mining value chain.

Regional Cooperation and Policy Alignment in Focus

A key feature of the agenda is the Ministerial Forum, where African mining ministers will provide updates on regulatory reforms and policy alignment initiatives aimed at unlocking greater value from the continent’s mineral resources. Discussions will examine how harmonized regulatory frameworks and regional cooperation can accelerate investment flows and strengthen Africa’s position in global mineral supply chains.

The inclusion of regional policy integration reflects a growing continental push to leverage frameworks such as the African Continental Free Trade Area (AfCFTA) to enhance cross-border mineral cooperation and trade.

We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group

“Africa’s integration is not only a political objective but a strategic economic vision,” stated Emmanuel Armah-Kofi Buah, Ghana’s Minister of Lands and Natural Resources, in remarks reported by Energy Capital & Power – organizers of AMW – in February 2026. “Our natural resources require coordinated policies. Isolated legal frameworks cannot fully unlock their value. Through integration and initiatives such as the ECOWAS [Economic Community of West African States] Mining Code and the African Mining Vision, we can build a stronger and more competitive mineral economy.”

Nigeria’s Minister of Solid Minerals Development, Henry Alake, echoed this emphasis on regional cooperation and beneficiation.

“We are acting to enhance regional integration through frameworks such as the African Mining Vision and the Africa Mineral Strategy Group,” he stated. “We must develop mineral corridors that connect resources, infrastructure and markets across the continent. Our goal is not to simply export raw materials, but to develop industrial hubs that create jobs and value across borders.”

Connecting Global Investors with African Opportunities

Strategic roundtables and Country Focus sessions form a key part of the AMW 2026 program, connecting African mining jurisdictions with international partners from the U.S, Europe, the Middle East and China. These sessions will provide African stakeholders with a platform to showcase exploration opportunities and project pipelines across the mining value chain.

Meanwhile, technical workshops and the exhibition floor at AMW 2026 will provide a platform for equipment manufacturers, technology providers and engineering firms to showcase innovations designed to enhance operational performance across mining operations.

By combining high-level policy dialogue with technical expertise and investment matchmaking, AMW 2026 positions itself as a critical marketplace where Africa’s mineral potential converges with global capital, technology and strategic partnerships – helping shape the next phase of growth for the continent’s mining sector.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2026 conference from October 12-16 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort

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March 24, 2026

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Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony

Hope is not just a feeling — it is a system we can build

ABUJA, Nigeria, March 24, 2026/APO Group/ —
  • 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
  • 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
  • 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
  • USD 5,000 in non-refundable seed capital for each selected entrepreneur
  • Selection conducted independently by Ernst & Young

 

The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.

 

Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.

 

This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.

 

In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:

 

  • 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
  • 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
  • 100 entrepreneurs in partnership with Sèmè City Development Agency;
  • 100 entrepreneurs in partnership with DEG, the German Development Agency;
  • 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
  • 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

 

 

Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.

 

In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:

 

“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter

 

The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.

 

Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.

 

 

The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).

 

Distributed by APO Group on behalf of The Tony Elumelu Foundation.

 

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