Namibia’s 2022 offshore discoveries by Shell and TotalEnergies marked a significant milestone for the country and Africa’s upstream sector.

Alongside successes in Côte d’Ivoire, Angola, and Egypt, these finds have renewed interest in African exploration and production (E&P), according to NJ Ayuk, Executive Chairman of the African Energy Chamber.

The Chamber’s 2026 Outlook Report projects global E&P capital expenditure at $504 billion by 2026, with Africa contributing about $41 billion.

Production is expected to remain steady at 11.4 million boe/d through 2026, rising to 13.6 million boe/d by 2030.

Frontier and emerging basins, such as Namibia’s Orange Sub-Basin, which has yielded over 6 billion boe in under four years, are driving momentum.

Advances in seismic, subsurface modeling, and drilling technologies allow operators to target complex deepwater prospects like Namibia’s Venus-1.

However, investment is cautious due to geological, political, and monetisation risks.