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Africa’s position as a deepwater exploration and production (E&P) frontier is becoming increasingly central to global energy strategies, with 2025 shaping up to be a defining year for offshore development on the continent. Bolstered by a string of high-profile discoveries and renewed interest from IOCs, Africa’s deepwater segment is evolving from a series of isolated successes to a full-fledged, transcontinental play with long-term commercial viability.

The resurgence of deepwater exploration in Africa has been driven in large part by landmark discoveries made in the Orange Basin. Namibia’s initial Venus, Graff, Jonker, and more recently, Mopane discoveries are estimated to hold upwards of 11 billion barrels of oil equivalent (boe), positioning the country as a major emerging player in global deepwater exploration. While these finds are still in the appraisal or development planning stages, the pace at which operators like TotalEnergies are working to fast-track production speaks volumes about their potential. Meanwhile, BW Energy and NAMCOR are revisiting the Kudu gas field – once considered stranded – using new seismic to reassess its scale and viability for a gas-to-power project.

To the northwest, Côte d’Ivoire has rapidly become a deepwater success story, led by Eni’s Baleine and Calao discoveries. Together, the two finds could hold up to 1.5 billion boe, cementing the country’s status as a formidable exploration player. Calao, discovered in March 2024, is the second-largest find in the country’s history and has attracted a flurry of new entrants. VAALCO Energy acquired Svenska Petroleum’s stake in the producing Baobab field and Shell has shown strong interest in blocks CI-602, 603 and 707. Eni itself has doubled down, signing contracts for four new exploration blocks – CI-504, 526, 706 and 708 – in November 2024.

Beyond the core producing regions, new frontiers are also emerging. Liberia has launched a direct negotiation round for 29 offshore blocks in the Liberia and Harper Basins, while São Tomé and Príncipe is gaining traction, with Petrobras acquiring three offshore blocks in 2024 – marking the company’s return to Africa after a decade-long absence. Sierra Leone is also planning to re-enter the licensing arena, and with ExxonMobil’s interest potentially echoing its success in Guyana, the country may soon become one of the continent’s hottest offshore prospects.

This wave of activity coincides with an uptick in African licensing rounds across the continent, designed to attract capital into underexplored basins and capitalize on rising oil prices and energy demand. The deepwater arena, in particular, offers an increasingly attractive investment case: lower carbon intensity, large resource potential and decreasing development costs due to technological advancements.

At African Energy Week (AEW) 2025: Invest in African Energies, deepwater development will feature prominently as national oil companies, exploration independents and majors gather to align on next steps. The event presents a unique platform to accelerate deal-making, promote upcoming licensing rounds and spotlight the continent’s offshore success stories. With the continent poised to lead the next chapter of global deepwater growth, Africa’s offshore ambitions are no longer speculative – they are strategic, long-term and within reach.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://aecweek.com for more information about this exciting event.