Africa’s Growing Share in New Oil Reserves
Other African nations are making major crude oil discoveries, while Nigeria remains absent from recent findings.
According to S&P Global, Africa accounted for 35% of newly discovered crude oil reserves in 2024, a significant jump from 7% in 2023. These discoveries are concentrated in the Orange Sub-basin, off Namibia’s coast, and the Cote d’Ivoire Basin.
Major Oil Discoveries in 2024
The High Impact Wells 2025 report from S&P Global states that approximately 8.8 billion barrels of oil equivalent were discovered in 2024. Of this, the Cote d’Ivoire Basin and the Orange Sub-basin contributed 2.9 billion barrels. However, total new discoveries in 2024 were the lowest since the 1950s.
One of the most significant finds was the Mopane 1X, located offshore Namibia, by Portuguese oil firm Galp. This marks Namibia’s sixth commercial oil discovery, strengthening its position in the global oil market. The field holds an estimated 1.4 billion barrels of recoverable crude. Additionally, Shell discovered the Mangetti 1X and Enigma 1X wells in Namibia.
In Côte d’Ivoire, Eni discovered the Murene 1X well in the Calao region. This ranks as the third-largest discovery in the Côte d’Ivoire Basin.
Deepwater Exploration: High Risk, High Reward
The top 10 newly discovered oil reserves accounted for 60% of total discoveries in 2024. The Orange Sub-basin, Central Arabian Province, and Guyana Basin collectively contributed to over half of the year’s new reserves.
Deepwater drilling is now a priority in the oil and gas industry. At the Mopane well, drillers reached a depth of 1,680 meters. The Murene 1X well in Côte d’Ivoire went as deep as 2,200 meters. Ultra-deepwater exploration is becoming a trend, with the Venus 1X well drilled at 3,000 meters. Nigeria’s Bonga Oil Field is another notable ultra-deepwater reserve.
Nigeria Struggles to Attract Investments
Despite Africa’s oil boom, Nigeria remains absent from the latest discoveries due to underfunding and a lack of investment. However, future prospects exist. Shell has announced a $5 billion investment in the Bonga North Field, which may lead to new discoveries in the coming years.
Chevron also reported a new find in the Meji NW-1 well, offshore Niger Delta Basin. This new field has the potential to produce 17,000 barrels per day, signaling a possible resurgence in Nigeria’s oil sector.
