Africa’s upstream oil and gas industry is set for a major transformation, with capital expenditure projected to reach $54 billion by 2030. The anticipated growth will be driven by frontier drilling campaigns, development of underexplored petroleum basins, and increasing global demand for sustainable fuels.
Upcoming licensing rounds across the continent are also expected to attract new investments. However, critical hurdles—including financing constraints and the need to optimise production from aging fields—continue to challenge industry stakeholders.
In response, the upcoming African Energy Week (AEW): Invest in African Energies 2025, scheduled for September 29 to October 3 in Cape Town, will convene industry leaders for strategic discussions aimed at reshaping Africa’s upstream landscape.
A key panel session titled “Frontier Plays Within Africa’s Mature Basins” will focus on unlocking new reserves from legacy assets. The session will feature insights from:
- Katrina Fisher, Managing Director, ExxonMobil Angola
- Layi Fatona, Chairman, Renaissance Africa Energy Company
- Osayande Igiehon, CEO, Heirs Energies
With Africa’s energy demand rising, the panel will spotlight the need for innovation and repurposing to extend the life of mature oil fields.
Ahead of the panel, Dan Pratt, Head of Upstream Solutions at S&P Global Commodity Insights, will present “What’s Next for African Upstream in 2026”, analysing trends, challenges, and new investment opportunities across the continent.
In a fireside chat, Tony Attah, CEO of Renaissance Africa Energy Company, will discuss the company’s future plans and projects, including its aggressive expansion strategy.
Industry players have already begun making bold moves. In Angola, ExxonMobil is stepping up activities in mature fields through the Incremental Production Initiative, recently securing an extension on its production sharing contract for Block 17. This comes on the heels of a significant 2024 discovery at the Likember-01 well.
In Nigeria, Renaissance Africa Energy Company—a consortium of independent firms—has earmarked $15 billion for 32 upstream projects, following its landmark $1.3 billion acquisition of Shell Petroleum Development Company of Nigeria.
Also making headlines is Heirs Energies, which has doubled production at OML 17 from 25,000 to 50,000 barrels per day since acquiring the asset in 2021. The company now plans to expand into the Republic of Congo, leveraging its Nigerian success story.
AEW 2025 will provide an in-depth look at how these developments are reshaping the future of Africa’s upstream sector. From innovative financing models to exploration strategies, the event promises a comprehensive overview of the continent’s evolving energy narrative.
