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Africa's upstream sector is projected to attract $41 billion in capital expenditure this year, with offshore spending alone expected to reach $19 billion. These numbers reflect a growing energy economy, but the investment environment producing them is changing rapidly. Rising costs, tightening fiscal regimes and supply disruptions are forcing both operators and governments to rethink how capital is allocated.

These pressures will be addressed directly at African Energy Week (AEW) 2026 in a panel session on Oil & Gas in the Global Economy: Fiscals, Budgets and CAPEX, sitting within the Energy Finance Forum. The session brings together senior voices from across the investment chain to assess what is drawing exploration capital into the continent, how operators are justifying budgets at current cost levels, and what capital discipline means for global energy security over the long run.

“Rig rates are high, timelines are tight, and global buyers need gas now. The operators and governments that can work within those constraints are the ones that will close deals,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Eleanor Adaralegbe, CFO of Nigerian independent Seplat Energy, will bring the perspective of Africa's largest indigenous producer. Seplat more than doubled its production to approximately 131,500 barrels of oil equivalent per day in 2025 following its acquisition of ExxonMobil's Nigerian subsidiary. The company is now executing a capital expenditure program of up to $440 million this year across a 17-well drilling campaign. How Seplat allocates that capital across its expanded onshore and offshore portfolio offers a direct window into the budget trade-offs facing independent operators across the continent.

Dave Campbell, SVP for Mauritania and Senegal at bp, represents the operator side of large-scale frontier LNG delivery. bp's Greater Tortue Ahmeyim (GTA) Phase 1 reached nameplate capacity of approximately 2.7 million tons per annum by end-2025, and junior partner Kosmos Energy projected a doubling of LNG cargo exports this year. With GTA operating at full capacity and Phase 2 planning in discussions, Campbell is positioned to speak to how multi-billion-dollar LNG projects manage costs and timelines in a market where global demand for African gas has intensified.

Quentin Savinaud, Global Head of Energy at Standard Chartered, brings the lender's view. Project finance for African upstream is being reassessed as Western banks navigate tighter ESG mandates alongside growing demand for hydrocarbon investment. Standard Chartered’s presence in both Africa and Asia adds geographic diversity, and Savinaud is expected to address how capital structures are adapting to the current environment in both markets.