Africa will require at least $125 billion in refining investment through 2050 to develop new projects, upgrade existing facilities and maintain infrastructure, as oil demand is projected to nearly double, according to the Organisation of the Petroleum Exporting Countries (Opec).

The continent’s oil demand is expected to rise from 4.9 million barrels per day (bpd) to 9.2 million bpd by 2050, while refining capacity is forecast to increase by 3.2 million bpd to approximately 7.9 million bpd.

Abderrezak Benyoucef, Head of Opec’s Energy Studies Department, said African refineries currently operate at around 55 per cent utilisation, processing less than 3 million bpd. 

Utilisation is projected to reach 80 per cent by 2050, although capacity will remain insufficient to meet demand.

Haitham Al Ghais, Opec Secretary General, said Africa’s population could grow by around 917 million by 2050, while its economy expands by an average of 4.4 per cent annually. 

The continent holds an estimated 120 billion barrels of proven crude oil reserves and 18 trillion cubic metres of proven natural gas reserves.

Al Ghais called for greater access to financing for energy projects to support economic development and energy security.

African liquids supply currently stands at approximately 7.6 million bpd, accounting for 7 per cent of global output. 

However, Opec projects that around 700 million Africans could still lack access to clean cooking by 2050 under its reference scenario. 

Stronger economic growth and increased technology investment could reduce that figure.