Global investment in upstream oil and gas is set to reach $570 billion in 2024, showing a 7% increase compared to 2023 expenditure. Of this, 33% is expected to be directed toward frontier assets, presenting a strategic opportunity for emerging oil and gas markets in Africa. Meanwhile, the International Energy Agency has estimated that delivering modern energy to the entire African continent – where more than 600 million people still lack access to electricity – will require up to $25 billion in annual spending through 2030.
