Two breakthrough offshore discoveries in Namibia in 2022 — one by Shell and one by TotalEnergies — marked an important milestone for the country’s future energy landscape and for Africa’s broader upstream ambitions.

The excitement generated by high-impact discoveries creates a ripple effect that benefits the entire continent. I’m convinced that the ongoing interest we’re seeing today in African exploration and production (E&P) stems in part from the major discoveries in Namibia, alongside recent successes in Côte d’Ivoire, Angola, and Egypt.

When you factor in advances in E&P technology, the promise of newly emerging basins, and the continued strength of Africa’s established producing regions, there are genuine reasons to feel confident about the future of African oil and gas.

That sentiment is reflected in the African Energy Chamber’s 2026 Outlook Report, “The State of African Energy,” which projects renewed momentum in the continent’s upstream market during the next several years. According to the report, global E&P capital expenditure (capex) is forecast to reach approximately USD504 billion by 2026, with Africa contributing about USD41 billion.

Africa’s hydrocarbon production is expected to remain stable at roughly 11.4 million barrels of oil equivalent per day (boe/d) through 2026, and new projects are on track to increase output toward 13.6 million boe/d by 2030.

Yes, the report acknowledges that optimism is being tempered by caution. Keen to protect their balance sheets, investors are scrutinizing opportunities closely. But overall, the potential for sustained upstream expansion is truly promising for African states with petroleum reserves. The key will be doing as much as possible to attract the capital needed to pursue the next wave of discoveries.

As........

© Eurasia Review