Sub-Saharan Africa upstream: 5 things to look for in 2025 Report

Insight 29 November 2024

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Report summary

Sub-Saharan 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. 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 expected. Some big farm-in opportunities could see over 1 billion boe of resources traded.

Executive summary
1. Another blockbuster year for West Africa exploration
2. Licensing rounds: governments rush to offer acreage
3. Orange basin: looking for clarity on the first FPSO
4. Upstream major capital projects: a big year for LNG
5. M&A: deal completions in Nigeria and strategic asset farm-ins
- Things to look for in 2025 – a regional upstream series
- Global upstream insights:
- Regional upstream insights: