Name: Regional fiscal benchmarking: West Africa offshore
Brand: Wood Mackenzie
SKU: 206332
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Author: Wood Mackenzie

Insight 30 July 2025

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After several years in the doldrums, upstream investment is back, and companies are seeking the best new opportunities. West Africa is receiving a lot of attention: huge, discovered resources in Nigeria and Angola, mature basins with enhanced recovery potential in many countries, and emerging exploration hotspots like Namibia. Monetising gas remains a challenge given low domestic prices but its potential role in the energy transition is driving the desire to find economic pathways. Attractive fiscal and regulatory policies are critical to enabling these inflows of investment. In this report, we compare the current fiscal state of play in West Africa.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
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<li class="list__item-toggle font-semibold">
        Latest fiscal trends and terms in West Africa
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        Impact of current fiscal terms on investment economics
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<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Traffic light scorecard for West African offshore fiscal systems</li><li class="list__item push-quarter--bottom">Summary of recent fiscal changes in West Africa offshore</li><li class="list__item push-quarter--bottom">Remaining resources - West Africa offshore</li>
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        <ul class="list list--bullets panel-toggle" id="c9ccc3c38a074e27bc239cf797505daf">
            <li class="list__item push-quarter--bottom">Benchmarking government share - deepwater oil field</li><li class="list__item push-quarter--bottom">Government share split (at US$40/bbl)</li><li class="list__item push-quarter--bottom">Government share split (at US$100/bbl)</li><li class="list__item push-quarter--bottom">Typical fiscal evolution of a basin</li><li class="list__item push-quarter--bottom">Benchmarking government share – hypothetical dry gas development</li><li class="list__item push-quarter--bottom">Gas breakeven benchmarking (for 15% post-tax IRR)</li><li class="list__item push-quarter--bottom">Total reserves and maturity profile</li><li class="list__item push-quarter--bottom">Maximum state share – deepwater oil field</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
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<p class="font-regular" >Regional fiscal benchmarking: West Africa offshore</p>
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