Africa requires an estimated $375 billion over the next 10 to 12 years to adequately fund upstream and midstream gas development across the continent, according to non-profit organization the Society of Petroleum Engineers (SPE).

According to Dr. Riverson Oppong, Africa Director, SPE, who spoke during a workshop at this year’s MSGBC Oil, Gas & Power 2025 conference and exhibition – hosted by SPE Senegal – Africa is on track to support increased investment through integrated national gas master plans, bankable contractual frameworks, robust infrastructure and institutional capacity building.

“Africa is a gas market,” Dr. Oppong stated. “But at the same time, despite our immense potential – holding 8% of global reserves – we don’t participate on the global stage. Our constraint lies in policy, commercial frameworks, infrastructure and financing conditions.”

“Our aim is to foster technical discussions between the oil and gas players in Senegal and across Africa,” added Dr. Rose Ndong, Dakar Section Chair, SPE.

During the presentation, global technology company SLB noted that digital technology investment can improve exploration and drilling, enhance production efficiency and optimization, and improve supply chain optimization and resilience.

IoT, analytics and AI were highlighted as key enablers to improve Africa’s upstream value chain, enabling real-time monitoring, predictive maintenance, enhance decision-making and improved safety and environmental compliance.

“Data is a key focus-area for improving the upstream value chain in Africa,” stated Larry Velasco, Africa New Venture Manager, SLB. “The cost of bad data can result in the loss of approximately 15-25% of revenue for most companies.”

SLB indicated that oil and natural gas demand is expected to grow by approximately 20% by 2050. This comes on the back of key oil and gas discoveries across the continent in 2025, with 17 high impact wells having been completed this year.

“Energy demand is rising rapidly, and Africa’s oil and gas industry requires a rapid deployment of investment in order to offset declines and meet peak demand,” stated Paul Freeman, Global Exploration Advisor, SLB.