Africa's upstream capital expenditure is predicted to reach $54 billion by 2030, driven by increased frontier drilling, untapped petroleum resources, and global demand for sustainable fuels.

However, financing and maximising output at mature fields remain challenges.

In 2026, ExxonMobil plans to boost Africa’s upstream sector with investments in Angola, Renaissance Africa Energy Company, and Heirs Energies.

ExxonMobil signed a production sharing contract extension for Block 17 offshore Angola in June 2025, while Renaissance Africa Energy Company is investing $15 billion across 32 projects in Nigeria’s Niger Delta region.