Africa is witnessing a rise of new oil powers

A wave of new exploration and production across Africa is reshaping the continent’s energy future, as newcomers like Sierra Leone, the DRC, and Namibia unveil ambitious plans – with new operational models- to join the oil-producing ranks.

SPECIAL REPORT | BIRD AGENCY | Africa’s emerging oil producing countries are ramping up their oil and gas exploration efforts as part of a continent-wide strategy to achieve energy independence and attract investment.

This renewed momentum comes at a time when Africa is entering a new phase of institutional support, backed by dedicated financing platforms and streamlined regulatory reforms targeted at unlocking the continent’s vast hydrocarbon potential.

With over 125 billion barrels of proven oil reserves, Africa is positioning itself not just as a resource base, but as a competitive, investment-ready energy frontier.

At the just concluded Invest in African Energy (IAE) Forum 2025 in Paris, three countries- Sierra Leone, The DRC and Namibia- revealed they are aiming to join the league of oil producing nations, leveraging new operational models.

Sierra Leone still in its early stages of exploration, announced it is introducing investor-friendly terms including removing bureaucracy in its new licensing round to fast-track its entry into the league of petroleum-producing nations.

“What we see across the continent is that companies wait months. We’re changing that,” said Sierra Leone’s Petroleum Directorate, Director General, Foday Mansaray.

“From letter of intent to license, our process will not exceed 85 days. Our investment terms are very simple,” Mansaray declared.

In 2023, Sierra Leone awarded six offshore oil blocks to a Nigerian exploration firm F.A. Oil, signaling its intent to develop its petroleum sector.

Countries expecting first oil soon include Uganda, which is nearing production in the Lake Albert Basin with an estimated 1.4 billion barrels, targeting first oil by 2025–2026.

The Democratic Republic of Congo (DRC), a minor oil producing country – mainly from onshore fields around the coasta Bas-Congo region-is shifting hydrocarbons to the forefront of its development strategy.

With a current output of 18,000 barrels per day(bpd), the country’s Ministry of Hydrocarbons said it is targeting a dramatic scale-up to 300,000 bpd, fueled by new offshore discoveries and a soon-to-be-launched petroleum code to clarify investor terms and attract joint development ventures.

“The DRC has long-been known as a mining nation. Hydrocarbons were placed on the backburner. We are addressing energy deficit, particularly for mining operations,” said Democratic Republic of the Congo (DRC), Ministry of Hydrocarbons, Technical Upstream Advisor, Joel Fumbwe.

Fumbwe said DRC is engaging in discussions with neighboring countries like Angola and Congo-Brazzaville to launch joint development projects in their shared areas of interest.

In March, DRC Minister of Hydrocarbons, Aime Sakombi Molendo said DRC and Angola were discussing with energy major, Chevron for a joint development project. following governance agreement ratification in December 2024.

Namibia, which has emerged as one of Africa’s most promising upstream markets, has its eyes on first oil by 2029 as oil majors begin works in oil fields in the country.

In reference to ongoing developments in the Kudu- a region where the country is finalising a field development plan and Venus fields- where French major TotalEnergies is expected to make a final investment decision in 2026, Namibia’s Ministry of Mines and Energy, Petroleum Commissioner, Maggy Shino said the country has been keen to providing a stable policy environment for investments in the country.

“We had to adapt early and stay resilient. Now, we’re attracting the majors,” said Shino.

Since 2022, major offshore oil discoveries have been made by Shell and TotalEnergies in the Orange Basin.

These developments come on the back of recently launched US $3 billion revolving finance program by Africa Export-Import Bank (Afreximbank)-designed to unlock up to US $14 billion in intra-African oil trade by powering domestic oil refining capacity and reducing foreign currency risk.

Preparations are also advancing towards operationalization of the Africa Energy Bank, with the search for its inaugural president already launched.

All these financial vehicles are geared towards closing the continent’s chronic energy investment gap by offering targeted, risk-mitigated capital.

“Investors thrive on predictability. But 45% of them cite legal uncertainty in Africa as a deterrent. Streamlined frameworks and transparency are key to changing that,” said Ibra Ndiaye, Partner at Forvis Mazars.

His sentiments were shared by Africa Finance Corporation , Invest Division and Natural Resources Division, Vice President Taiwo Okwor who stressed on huge financing gap and need to have innovative ways to source for energy sector capital.

“It’s quite clear that there’s not enough capital and we need to think about innovative ways to source capital. With the right fiscal regimes, regulatory frameworks and policies, investors will come to invest in the energy sector in Africa,” said Okwor.

A number of other African countries also emerging as new or expanding oil producers, are at different stages of exploration and production.

Countries expecting first oil soon include Uganda, which is nearing production in the Lake Albert Basin with an estimated 1.4 billion barrels, targeting first oil by 2025–2026.

Senegal delivered its first oil from the Sangomar Field (approximately 500 million barrels) in June 2024, while Côte d’Ivoire recently discovered the offshore Baleine Field (around 2 billion barrels), with production expected by close of 2025.

At earlier stages of exploration are Mauritania, focusing offshore near the Grand Tortue Ahmeyim area where oil potential is still being assessed, and Ethiopia, exploring the South Omo Basin, though no confirmed reserves or production timelines yet.

Countries expanding their existing production include South Sudan, which currently produces about 150,000 barrels per day and continues to develop its Upper Nile fields despite ongoing conflict, and Ghana, which is growing its offshore output through new discoveries beyond the Jubilee and TEN fields.

Kenya has made progress in developing the South Lokichar Basin, with estimated reserves of 560 million barrels, but has not yet achieved full-scale production.

The top three oil-producing countries in Africa are Nigeria (1.2 to 1.4 million barrels per day), Libya (1.0 to 1.2 million barrels daily), and Angola, with approximately 1.1 million barrels per day.

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SOURCE: bird story agency