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Nigeria set the region’s investment pace in early December 2025 with the formal launch of a high-profile licensing round offering 50 onshore, shallow-water, deepwater and frontier blocks. Overseen by the Nigerian Upstream Petroleum Regulatory Commission, the round features a fully digital and transparent bid process aimed at attracting roughly $10 billion in new upstream capital and adding up to 2 billion barrels of reserves over the next decade. The structure reduces entry costs through lower signature bonuses, enhanced geophysical datasets and a streamlined online portal, while prioritizing non-associated gas development in line with the country’s “Decade of Gas” agenda.

This regulatory momentum accompanies a wave of commercial activity across West Africa: Chevron’s recent acquisition of two blocks in Guinea-Bissau; Eni’s sanctioned reconnaissance agreement in Sierra Leone; and a June 2025 cross-border gas pact between Nigeria and Equatorial Guinea. Coupled with the ramp-up of the Dangote Refinery, these developments are shifting investor focus from legacy onshore plays toward deepwater gas monetization and integrated midstream solutions.

Licensing Rounds Accelerate Regional Upstream Activity

Nigeria’s 50-block round anchors near-term opportunities and aligns with the 2024 awards that are now progressing into exploration and development. In Liberia, the direct-negotiation model launched in 2024 has delivered production sharing contracts with TotalEnergies and Atlas Oranto, pending parliamentary approval. Mauritania is preparing a 15-block offshore auction for late 2025/early 2026, leveraging momentum from the Greater Tortue Ahmeyim LNG project. Meanwhile, Ivory Coast continues to demonstrate rapid project delivery following Eni’s Baleine and Calao discoveries, where phased development is translating exploration success into meaningful oil and gas output.

Guinea-Conakry is strengthening its exploration profile through SONAP’s new national seismic data visualization center – developed with SLB and TGS – and the commissioning of a Tier III carrier-neutral data center in Conakry. These initiatives improve subsurface transparency and operational readiness. At the same time, Chevron’s acquisition of Blocks 5B and 6B offshore Guinea-Bissau underscores growing major-company interest in the MSGBC basin’s under-explored deepwater acreage.

Frontier Prospects and Farm-Ins Deepen Investor Engagement

Frontier and ultra-deepwater prospects across Sierra Leone, Liberia and the wider MSGBC basin continue to attract heightened attention, supported by extensive new 3D seismic data. Sierra Leone’s anticipated sixth licensing round – offering both competitive tender and direct negotiation frameworks – is expected to draw interest from international majors and independents. With the first offshore drilling campaign in more than a decade slated for 2026, the round presents a rare early-entry opportunity into largely untapped deepwater terrain with considerable upside.

Strategic farm-in opportunities at Senegal’s Yakaar-Teranga and Mauritania’s BirAllah fields offer additional entry points for partners capable of delivering both technical expertise and financial capacity. Both developments are underpinned by multi-trillion cubic feet gas reserves, targeting domestic gas supply and potential LNG exports. In Nigeria, midstream and LNG infrastructure investment prospects remain robust under the Petroleum Industry Act, complemented by fiscal incentives and the “Decade of Gas” initiative, providing investors with integrated pathways from upstream feedstock to monetization and supporting long-term regional energy security objectives.

“West Africa’s exploration and licensing momentum signals a new era of investment and energy security for the region. Strategic frontier projects and transparent licensing frameworks are unlocking billions in upstream capital and creating pathways for gas monetization. This is exactly the type of growth that will position Africa as a global energy powerhouse by 2030,” states NJ Ayuk, Executive Chairman, African Energy Chamber.

West Africa’s surge in licensing activity and frontier project advancement is expected to shape the agenda for the next edition of African Energy Week (AEW) in Cape Town. Scheduled for October 12–16, 2026, AEW – Africa’s largest energy gathering – will convene policymakers, investors and industry leaders to drive partnerships that accelerate regional gas development, infrastructure expansion and the continent’s progress toward energy security by 2030.