A recent S&P Global report, “High Impact Wells 2025”, reveals that Africa accounted for 35% of all new oil discoveries in 2024, a significant increase from 7% in 2023. This surge highlights Africa’s growing importance in the global energy landscape.

The report notes that exploratory activity in frontier and immature basins has been particularly high, with 60% of new field wildcats (NFWs) drilled off Africa targeting these underexplored areas. The Southwest African Coastal Basin and Cote d’Ivoire Basin are emerging as key exploration hotspots.

Three basins – the Orange Sub-basin, Central Arabian Province, and Guyana Basin – accounted for half of the total discovered resources, exceeding 2.9 billion barrels of oil equivalent (Bboe) in 2024. This performance solidifies Africa’s position as a promising location for oil exploration and investment.

Looking ahead to 2025, the report predicts more favorable outcomes, with over 35 High Impact Wells (HIW) scheduled globally, including significant wells planned in the Guyana Basin and Orange Sub-basin. Latin America and Africa are expected to remain key regions for oil exploration.

The rise in oil discoveries across Africa is anticipated to generate significant economic benefits, including improved energy security, infrastructure development, and job creation, as global investment flows into the continent.