Nigeria, once a dominant force in Africa oil landscapes, now finds itself on the sidelines as other nations make major discoveries.
In 2024, Africa accounted for 35% of newly discovered crude oil reserves, a sharp rise from 7% in 2023, with Namibia and Côte d’Ivoire leading the charge.
New Oil Hotspots Emerge
The Orange Sub-basin off Namibia’s coast and the Côte d’Ivoire Basin emerged as major hotspots, contributing 2.9 billion barrels to the 8.8 billion barrels of oil equivalent discovered worldwide.
Despite this, 2024 marked the lowest new oil volumes since the 1950s.
A standout find was Mopane 1X in Namibia, discovered by Portuguese firm Galp, with over 1.4 billion recoverable barrels.
Shell also made discoveries at Mangetti 1X and Enigma 1X.
Meanwhile, Eni struck oil in Côte d’Ivoire’s Murene 1X well, now the region’s third-largest discovery.
Read Also: Nigeria To Receive $2.2bn World Bank Loan In 2025
Deepwater Exploration Takes Centre Stage
The report highlights a shift towards deepwater exploration, with wells reaching extreme depths—up to 3,000 metres at Venus 1X.
Ultra-deepwater drilling is becoming the industry’s next frontier, promising high rewards despite the risks.
Nigeria’s Decline – And Possible Revival
Nigeria, once Africa’s oil leader, has struggled due to funding shortages and declining investments.
However, Shell’s planned $5 billion investment in Bonga North and Chevron’s new Meji NW-1 discovery (with a potential output of 17,000 barrels per day) suggest a possible revival.
With Namibia and Côte d’Ivoire rising, Nigeria must act swiftly to reclaim its place in Africa’s evolving oil industry.
