That’s according to GlobalData, which says capital expenditure into Africa’s conventional oil, heavy oil, and unconventional oil projects will add up to $88 billion (£64bn), $2 billion (£1.45bn) and $3 billion (£2.2bn) respectively over the next eight years.
Nigeria is expected to lead the way with $47.2 billion (£34.3bn) of capex between 2018 and 2025 spread over 23 planned fields. making up 26% of the continent’s total.
Mozambique and Angola follow with $46.2 billion (£33.6bn) and $20 billion (£14.5bn) respectively.
Tanzania, Algeria, Uganda, Egypt, Kenya, Senegal and Congo Republic have a combined forecast capex of $50 billion (£36.3bn), approximately 28% of the total capex spending on upcoming projects in Africa for the period.
GlobalData expects over their lifetime, the 88 upcoming oil and gas projects will require $384 billion (£279.1bn) in capex to produce more than 12,356 million barrels of crude and 178,209 billion cubic feet of gas.