Global Upstream Oil Capex to Hit $504bn by 2026, Africa to Contribute $41bn

The African Energy Chamber's report forecasts a surge in global upstream oil capital expenditure to $504 billion by 2026, with Africa contributing $41 billion. Nigeria is poised to be at the forefront of oil and gas production, particularly in the Niger Delta region.

The report emphasizes that the growth in production will hinge on factors like access to opportunities, successful subsurface exploration, and favorable contractual terms. Notable recent deals include Vitol Group's $1.65 billion acquisition of Eni assets in Côte d'Ivoire and the Republic of Congo.