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African Mergers and Acquisitions (M&A) Set to Surge in 2026 as Licensing Rounds Open New Opportunities

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According to the African Energy Chamber’s 2026 Outlook, Africa’s upstream sector is set for a transformative year as strategic M&A and investor-friendly licensing rounds create new opportunities for both indigenous and international players

JOHANNESBURG, South Africa, November 5, 2025/APO Group/ –The African upstream sector is set for a dynamic year in 2026 as mergers and acquisitions (M&A) continue to reshape the continent’s energy landscape. According to the African Energy Chamber’s State of African Energy 2026 Outlook (https://EnergyChamber.org), African M&A activity is being driven by strategic realignments among global independents, international oil companies and indigenous operators, alongside a wave of licensing rounds offering new opportunities across both mature and frontier basins. These developments will be a major focus at next year’s African Energy Week (AEW) conference, where stakeholders are expected to explore how corporate transactions and licensing strategies are redefining Africa’s upstream sector.

 

Globally, upstream M&A totaled $51 billion in the first half of 2025, marking a decline from the second half of 2024. Market volatility, financial uncertainty and U.S. trade measures have prompted companies to adopt a more cautious approach, with deal-making concentrated in North America declining significantly. Internationally, deal volumes increased slightly but remained below historical norms, with corporate combinations driving transaction values while standalone asset sales slowed. Upstream firms are increasingly prioritizing capital returns to shareholders, focusing on bolt-on deals, joint exploration and development within their core regions.

In Africa, the M&A landscape is evolving rapidly. Global independent oil companies are divesting mature assets, creating space for local and regional players to expand. Over the past decade, Nigerian independents – including Seplat, Oando, First E&P, Amni, Conoil, Newcross, Aiteo, Neconde and Shoreline – have leveraged auctions and company acquisitions to build significant portfolios. The trend continued in 2024 and early 2025, with several high-profile divestments reshaping Nigeria’s upstream sector. Notable transactions include ExxonMobil’s sale of a 30% operated interest in Mobil Producing Nigeria Unlimited to Seplat Energy, Eni’s transfer of its onshore E&P subsidiary to Oando, and the divestment of TotalEnergies and Equinor ASA’s Nigerian assets to Chappal Energies Offshore.

March 2025 marked another milestone with Shell’s sale of its subsidiary, Shell Petroleum Development Company of Nigeria Ltd, to Renaissance – a consortium of five mostly indigenous Nigerian E&P companies. These deals highlight the growing role of local operators in onshore activities, while international players maintain a strategic presence in deepwater fields. Shell’s FID for the Bonga North deepwater project underscores renewed investor confidence, supported by Nigeria’s Petroleum Industry Act and streamlined divestment approvals.

The African oil and gas sector is set for significant consolidation in 2026, particularly among midsize and African independent companies

Elsewhere in Africa, international trading companies are also reshaping portfolios. Vitol’s $1.65 billion acquisition of Eni assets in Ivory Coast and the Republic of Congo strengthens its African footprint while securing LNG supply and trading synergies. Eni’s divestitures, part of a dual exploration model, retain operatorship while monetizing minority stakes to fund energy transition initiatives. Similarly, Shell’s acquisition of TotalEnergies’ 12.5% stake in Nigeria’s Bonga field for $510 million reflects a focus on high-return projects and supports its global production targets.

Licensing rounds across Africa are further fueling the M&A pipeline. Despite delays in Angola, Congo, Sierra Leone and Tanzania, early 2025 saw significant activity in Algeria and Libya. Algeria’s first bid round in a decade awarded five of six blocks, offering both new production sharing terms and improved royalty/tax arrangements. Libya’s first licensing round in 17 years, covering 22 blocks, introduced revised fiscal terms designed to attract investment. These developments signal a continued trend towards investor-friendly contracts across the continent, creating opportunities for both frontier and mature producers.

“The African oil and gas sector is set for significant consolidation in 2026, particularly among midsize and African independent companies. This trend is driven by a desire for a more efficient and competitive environment, which is ultimately beneficial for both the continent and the industry in the long term,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.

He adds that while cash remains the primary currency for most deals in Africa, an interesting development is the increasing use of stock-for-stock swaps.

“The current climate in African oil and gas can be characterized by an ‘eat or be eaten’ mentality, with many companies prepared to be aggressive and opportunistic in 2026 as momentum builds,” notes Ayuk.

AEW 2026, set to convene industry leaders, policymakers and investors, will serve as a critical forum for discussing these M&A and licensing trends. Delegates can expect in-depth sessions on the strategic implications of asset divestments, the rise of indigenous operators and the impact of evolving licensing frameworks. With Africa’s upstream sector attracting increasing interest from international investors and regional players, AEW 2026 is positioned to highlight the continent’s growing role in global energy markets and the opportunities emerging from ongoing corporate realignments.

Click here (https://apo-opa.co/4ok3k89) to download the African Energy Chamber’s State of African Energy Outlook 2026.

Distributed by APO Group on behalf of African Energy Chamber.

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

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

 

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Beyond Stabroek: Guyana’s Offshore Basin Attracts New Wave of Exploration Investment

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As ExxonMobil advances appraisal activity in Stabroek and new operators target frontier acreage, Guyana is attracting global capital and building a diversified offshore portfolio designed to sustain long-term growth

GEORGETOWN, Guyana, August 7, 2026/APO Group/ –Guyana’s transformation into one of the world’s fastest-growing oil producers is entering a new phase, with a growing network of IOCs expanding exploration activity across the country’s offshore basin. Beyond the landmark discoveries that first put Guyana on the global energy map, new drilling campaigns and licensing partnerships are creating a broader exploration ecosystem designed to support long-term production growth.

At the center of this momentum is ExxonMobil’s continued exploration and appraisal activity in the prolific Stabroek Block. The company has submitted a proposal for a 35-well exploration and appraisal drilling campaign, expected to run from 2028 through 2033, pending regulatory approval. The program would build on more than 30 commercial discoveries already made in the block, with drilling activity focused on evaluating new prospects and appraising existing discoveries to support future development opportunities.

Exploration activity is also extending into Guyana’s frontier acreage, with ExxonMobil advancing drilling operations at the deepwater Canje Block. The company has deployed the Noble Stena Carron drillship for exploration activity, highlighting continued industry interest in evaluating Guyana’s underexplored offshore potential beyond the established Stabroek Block.

Guyana’s strong exploration outlook comes as the country’s economy continues to benefit from rapid oil sector expansion, with hydrocarbons expected to remain a key driver of exports, government revenues and economic growth. As production scales up, attracting additional investment across exploration, services and infrastructure will be critical to supporting the next phase of development.

That momentum is being reinforced through partnerships established under Guyana’s 2023 offshore licensing round. A consortium comprising TotalEnergies, QatarEnergy and Petronas is advancing exploration activities in Block S4 under a five-year production sharing agreement signed with the government in late 2025. The award represents one of the first major outcomes of the licensing round and demonstrates continued international confidence in Guyana’s offshore resource potential.

Beyond the largest operators, a diverse group of companies is also expanding activity across Guyana’s offshore basin. Eco Atlantic is advancing exploration at the Orinduik Block; CGX Energy and Frontera Energy are progressing work in the Corentyne Block; Occidental is evaluating opportunities in the Roraima Block; while Ratio Guyana and Cataleya Energy hold interests in the Kaieteur Block. Together, these partnerships are broadening Guyana’s exploration landscape, increasing competition for acreage and creating opportunities for future discoveries.

As Guyana transitions from an emerging producer to a global energy hub, the next challenge will be converting exploration success into sustainable investment, local value creation and regional growth. These opportunities will be explored at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments, IOCs, investors and technology providers, the event will examine how Guyana’s expanding partnerships can accelerate offshore development, strengthen regional energy cooperation and attract the capital needed to support the Caribbean’s evolving energy landscape.

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

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Energy Capital & Power Establishes London Entity, Expanding Global Platform for Energy and Mining Events

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The move strengthens ECP’s presence in the UK and Europe, and its ability to connect African and South American markets with global investors

LONDON, United Kingdom, August 6, 2026/APO Group/ –International events company Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) has officially established its UK entity in London, marking a milestone in the company’s growth strategy and reinforcing its ability to deliver world-class energy and mining events and campaigns in the UK and Europe.

By establishing a presence in a key hub like London – the pre-eminent energy and mining finance center – ECP actively shapes the global energy conversation. The expansion positions ECP to better serve clients, partners and investors seeking to develop business opportunities between Africa, Europe, the Americas and energy markets worldwide.

Opening our UK company brings ECP closer to key investors in the global energy finance capital

The milestone comes as ECP strengthens its reach through a series of investment platforms that connect global capital to energy and mining projects. These include the Venezuela Energy Week London Showcase on July 30 – with over 300 delegates registered – and the annual Invest in African Energy Forum, held in Paris as the premier event connecting global investors to Africa’s energy transformation.

ECP hosts high level summits and investor conferences in leading energy and minerals producing countries in Africa and South America, including: Venezuela Energy Week; Angola Oil & Gas; MSGBC Oil, Gas & Power; African Mining Week; Libya Energy & Economic Summit; Congo Energy & Investment Forum; South Sudan Oil & Power; and Caribbean Energy Week. The company has hosted investor forums and supported licensing round roadshows in Houston, London and Paris since 2016.

“Opening our UK company brings ECP closer to key investors in the global energy finance capital,” states CEO James Chester. “Having a permanent presence in London further cements our footprint in Europe, enabling us to fulfil our mission to bring minerals and energy investment to diverse global markets.”

With teams located across Africa, Europe and the Americas, ECP has long-facilitated strategic engagement, market intelligence and industry convening, uniting investors with leading energy and mining projects.

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

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