Africa is fast developing as a prevailing player in the global oil market, with 2024 being a watershed moment in the continent’s hydrocarbon exploration.
- Africa accounts for 35% of all new oil finds in 2024, up from 7% in 2023.
- 60% of new oil finds in Africa were in frontier and immature basins.
- The Orange Sub-basin and the Cote d’Ivoire Basin are important new exploration hot regions.
According to a recent S&P Global report titled “High Impact Wells 2025” , Africa accounted for 35% of all new oil finds this year, up from 7% in 2023. This rise in finds emphasizes Africa’s rising role in the global energy environment.
One of the most noticeable features of Africa’s oil boom in 2024 is the high level of exploratory activity in frontier and immature basins. A staggering 60% of the New Field Wildcats (NFWs) drilled off Africa were in these underexplored areas, demonstrating the continent’s enormous potential.
The Southwest African Coastal Basin, notably the Orange Sub-basin, and the Cote d’Ivoire Basin are two of the most important new exploration hot regions.
“Among the 70+ basins where discoveries were made in 2024, three basins accounted for half of the total found resources: the Orange Sub-basin of the wider Southwest African Coastal Basin, the Central Arabian Province, and the Guyana Basin,” the report states.
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These locations contributed significantly to the finding of over 2.9 billion barrels of oil equivalent (Bboe) in 2024. The sustained performance of these basins establishes Africa as a promising location for oil exploration and investment.
The report notes that 2025 is projected to have “more favorable outcomes than in 2024, when a relatively modest 8.8 billion barrels of oil equivalent (Bboe) was found.”
“That’s significantly below the decade annual average of 15.4 Bboe. More than 35 High Impact Wells (HIW) are scheduled globally for 2025, with drilling plans in both immature and frontier basins, as well as mature provinces. Latin America and Africa remain key regions, with significant wells planned in the Guyana Basin and Orange Sub-basin, respectively,” it adds.
The rise in oil finds across Africa is expected to generate significant economic advantages. As global investment comes into Africa, countries with potential oil deposits should expect improved energy security, infrastructure development, and job creation.
