Africa’s oil and gas production is projected to climb to 11.4 million barrels per day (bpd) by 2026, driven by a surge in offshore investment and expanded exploration efforts, according to a new report by the African Energy Chamber (AEC) and S&P Global.
The State of African Energy 2026 Outlook, scheduled for release on September 30, examines the continent’s energy trajectory, highlighting growth across upstream exploration, liquefied natural gas (LNG), renewable energy, and infrastructure development. African energy demand is expected to quadruple by 2030, underscoring the urgency of investment and innovation in the sector.
The report identifies Nigeria as central to Africa’s recoverable energy resources, while offshore prospects in Mozambique, Angola, and Nigeria are poised to absorb a significant share of the $41 billion earmarked for exploration and production. High-impact drilling projects are also planned in South Africa, Namibia, and Côte d’Ivoire, signaling renewed investor confidence in the region.
In the midstream and downstream sectors, the demand for refined products is forecast to rise by 50% by 2050, necessitating more than $20 billion in infrastructure investments. African gas production exceeded 300 billion cubic meters in 2024, with LNG accounting for 8.5% of global supply. New projects in Angola, Senegal, and Mauritania are expected to bolster the continent’s footprint in international energy markets.
The report also details Africa’s progress in the energy transition, with 25 GW of renewable capacity already acquired by governments and 11 GW secured through private purchase agreements. Between 2020 and 2025, $34 billion was invested in clean energy, primarily solar and wind. Despite these advances, natural gas is anticipated to remain a dominant power source, covering 45% of electricity generation by 2050.
Notably, Africa’s population is projected to represent 28% of the global total by 2060, yet the continent is expected to account for only 9% of global energy emissions. This presents a unique opportunity for low-emission growth and sustainable development.
The report will be officially unveiled during the African Energy Week in Cape Town, offering policymakers, investors, and industry leaders critical insights into the continent’s energy future.
About The Author
