Africa will require an estimated $375 billion over the next 10 to 12 years to adequately fund upstream and midstream gas development across the continent, according to Riverson Oppong, Africa Director for the Society of Petroleum Engineers (SPE).
“Africa is a gas market. But despite our immense potential – holding 8% of global reserves – we don’t participate on the global stage. Our constraint lies in policy, commercial frameworks, infrastructure and financing conditions,” Dr. Oppong said during a workshop at the MSGBC Oil, Gas & Power 2025 conference and exhibition, hosted by SPE Senegal.
He said SPE Africa is committed to supporting increased investment through integrated national gas master plans, bankable contractual frameworks, robust infrastructure development, and institutional capacity building.
“Our aim is to foster technical discussions between oil and gas players in Senegal and across Africa,” added Dr. Rose Ndong, Dakar Section Chair, SPE.
During the presentation, global technology company SLB emphasized that digital technology investments can improve exploration and drilling, enhance production efficiency, and strengthen supply chain optimization and resilience.
IoT, analytics and AI were highlighted as key enablers for improving Africa’s upstream value chain by enabling real-time monitoring, predictive maintenance, better decision-making, and improved safety and environmental compliance.
“Data is a key focus area for improving the upstream value chain in Africa,” noted Larry Velasco, Africa New Venture Manager at SLB.
“The cost of bad data can result in the loss of approximately 15–25% of revenue for most companies.”
SLB also indicated that oil and natural gas demand is expected to grow by about 20% by 2050. This outlook is supported by major oil and gas discoveries across the continent in 2025, with 17 high-impact wells completed this year.
“Energy demand is rising rapidly, and Africa’s oil and gas industry requires a rapid deployment of investment to offset declines and meet peak demand,” stated Paul Freeman, Global Exploration Advisor at SLB.
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