The African continent is witnessing a remarkable transformation in the oil sector, as its share of global oil discoveries increased to 35% in 2024 compared to only 7% in 2023, according to the S&P Global Hai Empact’s report for 2025.
This remarkable growth reflects Africa’s transformation into a major oil exploration center, which enhances its role as a pivotal player in the global energy market.
Africa is an emerging center for oil discoveries
The report indicates that the oil -producing African countries have become a major destination for global energy companies that seek to expand their operations to keep pace with the increasing demand for oil and gas.
The countries that have witnessed huge oil discoveries recently include Nigeria, Angola, Senegal and Namibia, which enhances their position in the global market.
This rapid growth in discoveries is due to technological progress in exploration, improving investment policies, and alleviating organizational restrictions, which opens the way for Africa to achieve significant economic growth through the energy sector.
Exploration boom
This oil boom emphasizes the growing role of Africa in the global energy scene driven by increasing exploration activities in the unpaved basins.
According to the report, 60% of the new exploratory drilling operations in Africa targeted border and unrighteous ponds, highlighting the tremendous, unusual possibilities on the continent.
Two main regions have emerged in this exploratory mutation, the southwestern coast basin of Africa, especially the Urang sub -basin and the Ivory Coast basin.
Oil sector expectations in 2025
Although the total global oil discoveries in 2024 amounted to 8.8 billion barrels – less than the average of the past decade of 15.4 billion barrels annually – the expectations of 2025 seem more optimistic.
More than 35 wells are scheduled to be excavated this year, and with the continued investments in the exploration sector, next year can witness a return to higher levels of discoveries, which opens the door for more opportunities for the African continent and other emerging markets.
Opportunities and challenges of the African oil sector
Despite the enormous capabilities, Africa still faces major challenges, including weak infrastructure, political instability and lack of investments in refining and distribution operations.
However, the increasing cooperation between African governments and international companies and adopting new policies to attract investments may help in overcoming these obstacles and enhancing the sector’s growth.
Africa and its role in the global energy market
With the continued global demand for oil, Africa’s importance in ensuring the stability of energy supplies is increasing, besides being a major source of new discoveries that its strategic geographical location gives a pivotal role in reshaping the global energy scene, especially in light of geopolitical transformations that affect traditional markets.
The oil boom in Africa is also an enormous opportunity to enhance its role in the global economy.
According to the report, if the African countries are able to manage their resources effectively, improve the investment environment and enhance political stability, the continent may become one of the most important global centers for the production and export of oil in the near future.
