Africa’s oil and gas production is projected to reach 11.4 million barrels per day by 2026 on the back of rising offshore investments and intensified exploration, according to the State of African Energy 2026 Outlook set to be launched on 30 September.
Developed by the African Energy Chamber (AEC) in collaboration with S&P Global Commodity Insights, the report offers a sweeping analysis of Africa’s energy future, spotlighting growth in upstream exploration, liquefied natural gas (LNG), renewables and infrastructure as the continent braces for a fourfold surge in energy demand by 2030.
The report highlights Nigeria’s leading role in recoverable resources, with offshore prospects in Mozambique, Angola and Nigeria accounting for a significant portion of Africa’s projected $41 billion contribution to global exploration and production capital expenditure.
It notes that high-impact wells are planned in South Africa, Namibia and Ivory Coast, signalling renewed investor confidence in Africa’s petroleum potential.
In the mid- and downstream sectors, refined product demand is expected to rise by 50 percent by 2050, prompting calls for over $20 billion in infrastructure investment to support imports and distribution.
Meanwhile, Africa’s gas output surpassed 300 billion cubic meters in 2024, with LNG supply accounting for 8.5 percent of the global total.
New projects in Angola, Senegal and Mauritania are poised to expand the continent’s footprint in global gas markets.
The report also underscores Africa’s accelerating shift toward renewables, with 25 gigawatts (GW) of capacity procured by governments and 11 GW secured through private offtake agreements.
Between 2020 and 2025, $34 billion was invested in clean energy technologies, with solar and wind leading the charge.
Natural gas is expected to remain central, accounting for 45 percent of total power generation by 2050.
As Africa’s population is projected to reach 28 percent of the global total by 2060, the report notes that its share of energy-related emissions will remain modest at nine percent, offering a unique opportunity for low-carbon development.
The State of African Energy 2026 Outlook will be officially launched at African Energy Week: Invest in African Energies in Cape Town.
Source: JN/APA