Africa to Contribute $41bn to Global Oil and Gas Expenditure by 2026

A new report by the African Energy Chamber forecasts Africa's contribution to global exploration and production expenditure to reach approximately $41 billion by 2026. The report predicts stable hydrocarbon production in Africa at around 11.4 million barrels of oil equivalent per day by 2026, with plans to increase output to 13.6 million boe/d by 2030.

Analysts note a consistent rise in upstream capital spending in Africa over the past three years, signaling recovery from the pandemic-induced lows of 2020. Companies are focusing on cash flow, dividends, buybacks, and debt reduction rather than aggressive growth pursuits.

This trend is described by firms like Wood Mackenzie and Deloitte.