Africa made significant progress in oil exploration in 2024, accounting for 35% of the world’s new discoveries up from just 7% in 2023. However, Nigeria was notably missing from the list of countries making new finds.
Namibia and Côte d’Ivoire led the charge, with major offshore discoveries. Galp’s Mopane 1X well in Namibia uncovered over 1.4 billion barrels of crude, while Shell’s Mangetti 1X and Enigma 1X wells further strengthened the country’s position. In Côte d’Ivoire, Eni’s Murene 1X well ranked among the top discoveries in the region.
These new finds highlight a shift towards deepwater exploration, with some projects reaching depths of up to 3,000 metres. While such ventures are risky, they also offer huge rewards.
Despite its rich oil reserves, Nigeria has struggled with reduced investment and funding issues, limiting new exploration efforts. However, Shell’s recent announcement of a $5 billion investment in the Bonga North Field signals potential recovery.
With Africa’s oil landscape rapidly changing, Nigeria must address these challenges and reposition itself to remain competitive in the industry.