As global energy buyers seek alternatives to the Strait of Hormuz, Africa is set to capture $40 billion in annual upstream investment, driving a 175% surge in LNG exports and increasing total hydrocarbon production to 12.5 MMboe/d by 2030.
The African Energy Chamber projects Africa’s LNG exports will soar 175% and upstream investment will reach ~$40 billion a year through 2030, lifting hydrocarbon output to 12.5 MMboe/d. Larger African gas supply would weigh on global natural gas prices over the mid term. The forecast is multi-year and not an immediate supply change.
It is the projected increase in Africa’s LNG exports, according to the African Energy Chamber.
Mozambique, Nigeria, Angola, Libya and Ivory Coast will take the largest shares, while new projects in Uganda, Kenya and Namibia expand the production base.
The African Energy Chamber forecasts a massive expansion in the continent's energy sector, with upstream investment reaching $40 billion annually through 2030. This influx of capital is expected to boost hydrocarbon output to 12.5 million barrels of oil equivalent per day, positioning Africa as a critical alternative to traditional supply routes like the Strait of Hormuz.
Global energy buyers are increasingly seeking to diversify supply chains away from the Strait of Hormuz, prompting significant capital inflows into African upstream projects.
Mozambique, Nigeria, Angola, Libya, and Ivory Coast are expected to receive the largest shares of investment, with additional production growth coming from Uganda, Kenya, and Namibia.