Nigeria was absent from Africa’s major oil discoveries in 2024, as Namibia and Côte d’Ivoire secured 2.9 billion barrels of new reserves. Deepwater exploration dominated global finds, with companies drilling up to 3,000 meters. While Nigeria struggles with investment shortages, new projects by Shell and Chevron offer hope.
Nigeria, Africa’s largest oil producer, was absent from the continent’s major oil discoveries in 2024, as Namibia and Côte d’Ivoire led the charge in securing new reserves. A report by S&P Global revealed that Africa accounted for 35% of newly discovered crude oil reserves last year, a sharp rise from just 7% in 2023. The findings were concentrated in the Orange Sub-basin off Namibia’s coast and the Côte d’Ivoire Basin, where a combined 2.9 billion barrels of oil equivalent were uncovered.
One of the standout discoveries was the Mopane 1X field offshore Namibia, with over 1.4 billion barrels of recoverable reserves, solidifying the country’s position as a rising force in the global oil industry. Shell also made major finds in Namibia, while Eni struck oil in Côte d’Ivoire’s Murene 1X well. Collectively, the world’s top 10 oil finds in 2024 contributed to 60% of all new reserves, highlighting the growing importance of deepwater exploration.
The report noted that ultra-deepwater drilling, despite its high risks, has become a key trend in oil exploration. Companies reached depths of up to 3,000 meters, signaling a shift toward offshore, high-reward projects. While Nigeria has struggled to attract new investments in its oil sector due to financial constraints and regulatory uncertainty, there are signs of a turnaround. Shell’s planned $5 billion investment in the Bonga North Field and Chevron’s discovery of the Meji NW-1 well, with a potential output of 17,000 barrels per day, suggest that Nigeria may soon re-enter the race for major oil discoveries.
