Sub-Saharan Africa upstream: 2024 in review Report

Insight 14 January 2025

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Report summary

In 2024, Sub-Saharan Africa’s production growth was steady. The region’s oil and gas output posted a 5% increase, driven by Sangomar start-up and a recovery in Nigeria. M&A spend nearly doubled with US$6 billion of assets traded. Investment declined marginally despite increased development drilling activity. Floating LNG developments gained momentum with Eni and BP achieving significant start-ups at Congo FLNG and GTA in Senegal/Mauritania. It was an active year for acreage capture with 120,000 square kilometres of acreage acquired. Fiscal reforms were undertaken across the region to encourage interest, especially in mature areas.