African Vitality 2024: Surging funding, waves of change

• Majority of 2024’s capex was pushed by established producers like Angola and Nigeria.
• Senegal is an instance of how operator-friendly insurance policies, political stability, and huge reserves can appeal to international funding.
• Africa holds almost 18 trillion cubic meters of pure fuel reserves, which is able to show important for a simply power transition.

I’ve mentioned for years that African power is a crucial funding. Backers clearly agree — to the tune of $47 billion. That’s how a lot capital expenditure (capex) 2024 noticed in African oil and fuel, exhibiting a 23 per cent improve from final yr. Higher but, we count on progress to proceed by the tip of the last decade.

This capex exercise is a welcome signal that power majors are deepening their long-term pursuits in Africa. And as our 2025 State of African Vitality report particulars, their momentum has created distinctive alternatives for native communities, indigenous firms, and nationwide oil firms (NOCs) from …

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