Oil-producing countries in Africa have significantly increased their share of newly discovered crude oil reserves, now accounting for 35% of global finds in 2024.
This marks a major leap from just 7% in 2023, according to a recent report by S&P Global.
The surge in discoveries highlights Africa’s growing role in the global oil landscape, even as Western nations push for an energy transition. However, Nigeria, despite its 37.5 billion barrels of oil reserves, was notably absent from the new discoveries.
The report, titled *High Impact Wells 2025*, revealed that approximately 8.8 billion barrels of oil equivalent were discovered worldwide in 2024, with the Côte d’Ivoire Basin and the Orange Sub-basin contributing 2.9 billion barrels.
Declining Global Discoveries and Africa’s Key Contributions
Despite Africa’s growing share, the report noted that the total volume of newly discovered oil was the lowest since the 1950s. The findings highlight the importance of advanced exploration techniques to uncover untapped resources.
The report stated: “In 2024, Africa accounted for 35 per cent of the global discovered volumes, a significant increase from just seven per cent in 2023. Notably, 60 per cent of offshore Africa’s NFWs were drilled in frontier or immature basins.
“Areas of exploration focus in Africa were the Southwest African Coastal Basin, particularly the Orange Sub-basin, and the Cote d’Ivoire Basin which were major contributors to the nearly 2.9 billion barrels of oil equivalent (Bboe) discovered during the year.”
The report identified the Orange Sub-basin as a key exploration hotspot, with notable discoveries by companies such as Galp, TotalEnergies, and Shell.
“Galp’s Mopane 1X discovery is the biggest discovery of the year globally and is of real interest due to being in shallower water than previous discoveries (1400 m shallower than Venus) and with good reservoir properties. Exploration continued throughout the year in the basin, with further HIWs slated for 2025.
“Also of note was Eni’s successful Murene 1X well, which made the Calao discovery. The discovery is the third largest in the basin, further debunking the idea that the potential is limited within the Cote d’Ivoire portion of the basin. If not for the Orange Sub-basin, the Cote d’Ivoire Basin has been the most prolific African basin since 2021, when it yielded the Baleine discovery,” it stated.
Global Deepwater Exploration Trends
The report indicated that the top 10 newly discovered oil reserves accounted for about 60% of total new discoveries, with deepwater explorations playing a dominant role.
According to the findings, the Orange Sub-basin in Southwest Africa, the Central Arabian Province, and the Guyana Basin together contributed to more than half of the new discoveries in 2024.
“A review of the new finds shows that deepwater explorations are now the major focus of the global oil and gas industry. Drillers reached a water depth of approximately 1,680 meters at the Mopane well. The Murene 1X well in Côte d’Ivoire was drilled to a depth of 2,200 meters.
“Ultra-deepwater exploration will be a recurring theme, as seen in the Venus 1X well which has a water depth of about 3,000 meters. The Bonga Oil Field in the Niger Delta basin is another ultra-deepwater oil field.”
The report further emphasized that while deepwater explorations carry high risks, they also present substantial rewards.
Projections for 2025
Looking ahead, S&P Global predicts that the Southwest African Coastal Basin, Central Arabian Province, and Guyana Basin will continue to be central to new oil discoveries in 2025, offering untapped potential for further exploration.
“High impact Wells will drive discovery and remain a key indicator of future trade flows in 2025. Despite recent declines in exploration activity and discovered volumes, the industry’s focus on high-quality acreage and frontier basins highlights a commitment to uncovering new resources. The Guyana Basin, Orange Sub-basin, and Central Arabian Province are poised to remain at the forefront of exploration efforts, contributing substantial volumes and showcasing the potential for future discoveries.
“As companies balance the challenges of portfolio optimization, transition, and net-zero obligations, the strategic targeting of both high-risk, high-reward prospects and proven basins will be crucial for sustaining the momentum of resource replenishment and ensuring the continued growth and vitality of the oil and gas sector.
“More than 35 high-impact wells are scheduled globally for 2025, with drilling plans in both immature and frontier basins, as well as mature provinces. Latin America and Africa remain key regions, with significant wells planned in the Guyana Basin and Orange Sub-basin, respectively,” it concluded.
Nigeria’s Absence and Future Prospects
Despite Africa’s impressive discoveries, Nigeria has largely been left out due to a lack of funding and investment in its oil sector. However, there are signs that this could change.
Shell’s planned $5 billion investment in the Bonga North Field suggests that Nigeria may begin to record new discoveries in the coming years. Similarly, Chevron recently announced the discovery of a new oil field in the Meji NW-1 well, located offshore in the Niger Delta Basin, with a projected output of 17,000 barrels per day.
Meanwhile, the Secretary-General of the Organisation of the Petroleum Exporting Countries, Haitham Al-Ghais, has urged African nations to unlock their proven oil reserves, estimated to exceed 120 billion barrels.
