Africa Upstream Outlook 2025

Africa upstream has a lot to look forward to in 2025. Exploration in the deepwater Atlantic margin will remain strong with big wells in Namibia, South Africa, Angola, and Ghana. Several governments will take advantage of this excitement and offer new exploration licences in bid rounds or direct negotiations. After decade-long freezes on bid rounds, Algeria and Libya should conclude successful competitive offerings.

Namibia should see development plans firm up at the giant Venus and Mopane oil discoveries. LNG momentum will grow with the first cargo from Tortue Phase 1 in Senegal-Mauritania in Q1 and start of Eni’s Nguya FLNG offshore Congo in Q4. East Africa gas should take a big step forward with Coral Norte FLNG approval and crucially, re-start of the 15 mmtpa Mozambique LNG project.

M&A will be a big theme with completion of several big Nigeria deals changing the corporate landscape. Some big farm-in opportunities could see over 1 billion boe of resources traded.

Agenda:

• Another blockbuster year for African exploration
• Licensing rounds: governments rush to offer acreage
• Namibia development: next steps
• The need for more gas: deficits, LNG backfill and new projects
• M&A is reshaping the corporate landscape