Africa is emerging as a dominant force in the global oil market, with 2024 marking a significant milestone in the continent’s hydrocarbon exploration.
A recent S&P Global report titled “High Impact Wells 2025” reveals that Africa accounted for 35% of all new oil finds this year, a dramatic rise from 7% in 2023.
This surge underscores Africa’s growing importance in the global energy landscape and signals a transformative shift in its role as a key oil-producing region.
One of the most striking aspects of Africa’s oil boom in 2024 is the surge in exploration activity within frontier and immature basins.
These are regions that have previously been underexplored or ignored by oil companies. In fact, 60% of the New Field Wildcats (NFWs) drilled in Africa were located in these untapped areas.
This shift indicates a burgeoning recognition of Africa’s vast, but largely unexplored, potential for oil reserves.
“Among the 70+ basins where discoveries were made in 2024, three basins accounted for half of the total found resources: the Orange Sub-basin of the wider Southwest African Coastal Basin, the Central Arabian Province, and the Guyana Basin.”
S&P Global report
These findings reflect the enormous untapped potential of these regions, which together contributed to the discovery of over 2.9 billion barrels of oil equivalent (Bboe) in 2024 alone.
The discoveries in the Orange Sub-basin, in particular, are especially notable. The Southwest African Coastal Basin has long been an underexplored area, but it has now proven to be a vital source of new oil reserves.
Alongside this, the Cote d’Ivoire Basin has been identified as a prime area for continued exploration, with future investments expected to yield further valuable oil discoveries.
This trend of exploration in frontier and immature basins is not unique to Africa. The report also notes that other regions, such as Latin America, are seeing similar trends.
However, it is Africa’s performance that has captured global attention, particularly due to the continent’s vast resources and the increasingly favorable economic conditions for oil exploration.
Projected Oil Growth and Future Prospects
Looking forward, the S&P report projected that 2025 will see even more significant oil discoveries than in 2024.
It noted that while 2024 saw a modest 8.8 billion barrels of oil equivalent found globally—below the decade’s annual average of 15.4 Bboe—more than 35 High Impact Wells (HIWs) are scheduled for drilling in 2025.
These wells are expected to be located in both immature and frontier basins, with significant activity anticipated in Africa, particularly in the Orange Sub-basin.
“These upcoming wells, especially in frontier basins like the Orange Sub-basin, hold immense promise for the future of oil exploration in Africa.”
S&P Global report
It’s clear that the region is emerging as a focal point for future oil discoveries, with the potential to reshape global energy markets in the years to come.
The surge in oil discoveries and exploration activity across Africa is set to deliver significant economic benefits.
The influx of global investment in the sector will help improve energy security across the continent, boost infrastructure development, and generate job opportunities.
Countries with oil potential are expected to experience heightened interest from international investors, leading to economic diversification and growth.
For nations like Ghana, Angola, Nigeria, and Côte d’Ivoire, this growing interest in African oil reserves presents an opportunity to secure a stronger foothold in the global energy sector.
Africa’s surge in oil discoveries marks a transformative moment for the continent’s energy sector. With increased exploration in frontier basins, rising investor confidence, and significant economic opportunities, Africa is poised to become a crucial player in the global oil market.
However, to sustain this momentum, governments must implement strategic policies that ensure long-term benefits while addressing the associated challenges of regulatory instability, environmental concerns, and market fluctuations.
If managed effectively, Africa’s oil boom could drive economic prosperity and energy security for decades to come.
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