Africa’s oil and gas sector is entering a period of accelerated growth, as new upstream projects kickstart across the continent. In 2025, the continent’s oil production is set to reach 11.4 million barrels of oil equivalent per day (MMboe/d), rising to 13.6 MMboe/d by 2030. This upward trajectory spells new opportunities for the continent’s petroleum markets and the upcoming G20 Africa Energy Investment Forum – hosted by the African Energy Chamber (AEC) (https://EnergyChamber.org) on November 21 – will explore strategies for maximizing Africa’s oil and gas value chain.

The forum will feature a panel discussion on this topic, with speakers delving into the state of play of Africa’s exploration and production landscape. The session will explore key topics, including Africa’s proven and prospective oil and gas reserves; how regulatory frameworks support exploration, infrastructure and production; and how nations can build resilient oil and gas supply chains. By unpacking the continent’s production and supply dynamics, the session affirms hydrocarbons as a driver of industrialization and energy security in Africa. 

While Africa’s proven oil reserves currently stand at 125 billion barrels and its proven gas reserves are estimated at 620 trillion cubic feet (tcf), ongoing exploration campaigns are expected to raise this portfolio significantly. Established producers across the continent are making strides towards revitalizing output through renewed drilling campaigns which target both brownfield and greenfield assets. Angola has set a goal to sustain production above one million barrels per day (bpd), Nigeria targets 2.5 million bpd while Libya aims to reach 2 million bpd in the coming years. Emerging markets such as Namibia and Ivory Coast are advancing towards first oil production while countries to the likes of Senegal, Mauritania and Mozambique are pursuing new gas projects following the start of major offshore LNG developments in recent years.

Amid the rise in upstream projects, African nations are turning their attention – and investments – towards the downstream sector. A number of large-scale refining and pipeline projects are underway across the continent, aimed strengthening continental trade. The operationalization of Nigeria’s 650,000 bpd Dangote refinery marked a turning point for the continent’s refining industry, with other facilities in Angola (60,000 bpd Cabinda and 200,000 bpd Lobito); Ghana (40,000 Sentou); and Egypt (160,000 bpd Midor Amiriyah expansion) set to further bolster capacity. In tandem, several ambitious pipeline projects are in development, including the Nigeria-Morocco Gas Pipeline, the Trans-Saharan Gas Pipeline; and the East African Crude Oil Pipeline. These developments aim to maximize value from oil and gas production by strengthening regional trade and fuel security.

Despite this progress, pressure on supply chains is expected to increase, with net import requirements for refined products set to reach 3.4 MMboe/d in 2050, up from 2 MMboe/d in 2025. To support this increase, the AEC’s State of African Energy 2026 Outlook shows that the continent requires upwards of $20 billion in investments, underscoring a need for coordinated investments in African ports, import terminals, pipelines and storage. The G20 Forum will shine a spotlight on these investment opportunities, while exploring the impact of regulation on Africa’s oil and gas value chain as well as strategies for strengthening market integration and supply chain resilience. The forum will also discuss the definition of a bankable oil and gas project in today’s investment climate and what technical and financial support is needed to help African countries reform tax-to-GDP ratios and natural resource revenue management.

“Africa’s energy transformation depends on how well we move from exporting raw resources to building integrated value chains that create jobs and industrial growth at home. The G20 Africa Energy Investment Forum is not just about attracting capital; it’s about reshaping our approach to oil and gas so that every barrel and every molecule of gas delivers value for Africans first,” states NJ Ayuk, Executive Chairman of the AEC. 

To register for the Forum click here (https://apo-opa.co/4hRdlr7).