https://en.sputniknews.africa/20250303/africas-oil-boom-a-rising-force-in-global-energy-1070916888.html
Africa’s Oil Boom: A Rising Force in Global Energy
Africa’s Oil Boom: A Rising Force in Global Energy
Sputnik Africa
In 2025, High Impact Wells (HIWs) will be pivotal in driving discoveries and will serve as a key indicator of future trade flows. Despite recent drops in... 03.03.2025, Sputnik Africa
2025-03-03T16:58+0100
2025-03-03T16:58+0100
2025-03-03T16:58+0100
africa
latin america
oil
economy
guyana
commonwealth of independent states (cis)
europe
north america
energy
economic growth
https://cdn1.img.sputniknews.africa/img/07e9/03/03/1070919486_0:225:1024:801_1920x0_80_0_0_9903833b54786312e954bec9992c4759.png
Africa has emerged as a major player in global oil exploration, accounting for 35% of all new oil discoveries in 2024, a dramatic increase from just 7% in 2023, according to S&P Global’s latest report, High Impact Wells 2025.This surge underscores Africa’s growing role in the global energy landscape, driven by heightened exploratory activities in underdeveloped basins. The report highlighted that 60% of the New Field Wildcats drilled in Africa targeted frontier and immature basins, emphasizing the continent’s vast untapped potential.Two regions have stood out in this exploration boom: the Southwest African Coastal Basin, particularly the Orange Sub-basin, and the Cote d'Ivoire Basin. These locations, along with the Central Arabian Province and the Guyana Basin, contributed significantly to the total 2.9 billion barrels of oil equivalent (Bboe) discovered in 2024.The report noted that while last year’s global oil finds, totaling 8.8 billion Bboe, fell below the decade’s annual average of 15.4 billion Bboe, expectations for 2025 are optimistic. More than 35 HIWs are scheduled for drilling this year, targeting both frontier and mature basins across the world.The Guyana Basin, Orange Sub-basin, and Central Arabian Province are expected to lead exploration efforts, contributing significant volumes and highlighting the potential for future finds, the report concluded.
https://en.sputniknews.africa/20241106/opecs-future-projections-for-africas-oil-gas-industry-are-positive-secretary-general-of-opec-1069075661.html
africa
latin america
guyana
europe
north america
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
africa, latin america, oil, economy, guyana, commonwealth of independent states (cis), europe, north america, energy, economic growth
africa, latin america, oil, economy, guyana, commonwealth of independent states (cis), europe, north america, energy, economic growth
Africa’s Oil Boom: A Rising Force in Global Energy
Christina Glazkova
Writer / Editor
In 2025, High Impact Wells (HIWs) will be pivotal in driving discoveries and will serve as a key indicator of future trade flows. Despite recent drops in exploration activity and discovered volumes, the industry's emphasis on prime acreage and frontier basins demonstrates a strong commitment to finding new resources, a fresh S&P Global report said.
Africa has emerged as a major player in global oil exploration, accounting for
35% of all new oil discoveries in 2024, a dramatic increase from just
7% in 2023, according to
S&P Global’s latest report,
High Impact Wells 2025.This surge underscores Africa’s growing role in the global energy landscape, driven by heightened exploratory activities in underdeveloped basins. The report highlighted that 60% of the New Field Wildcats drilled in Africa targeted frontier and immature basins, emphasizing the continent’s vast untapped potential.
Two regions have stood out in this exploration boom: the Southwest African Coastal Basin, particularly the Orange Sub-basin, and the
Cote d'Ivoire Basin. These locations, along with the Central Arabian Province and the Guyana Basin, contributed significantly to the total
2.9 billion barrels of
oil equivalent (Bboe) discovered in 2024.
The report noted that while last year’s global oil finds, totaling 8.8 billion Bboe, fell below the decade’s annual average of
15.4 billion Bboe, expectations for 2025 are
optimistic. More than
35 HIWs are scheduled for drilling this year, targeting both frontier and mature basins across the world.
“Latin America and Africa remain key regions, with significant wells planned in the Guyana Basin and Orange Sub-basin, respectively. Other notable HIWs are planned in the Far East region, CIS, Europe, Australasia, and North America (Alaska),” the report read.
The Guyana Basin, Orange Sub-basin, and Central Arabian Province are expected to lead exploration efforts, contributing significant volumes and highlighting the potential for future finds, the report concluded.
