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West Africa is expected to drive over half of Africa’s total capital expenditure between 2023 and 2030, with the region leading the continent’s $47 billion spending spree in 2024, according to the African Energy Chamber’s (AEC) State of African Energy 2025 Outlook. In particular, Mauritania, Senegal and Ghana are expected to drive industry growth, with planned investments and diversified energy opportunities supporting the emergence of a new energy hub in West Africa.  

The African Energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3 in Cape Town – will explore opportunities emerging across West Africa’s energy sector. From frontier oil exploration to large-scale LNG to innovative green hydrogen and nuclear developments, the event will connect capital and technology providers to West African opportunities.

Ghana

With more than 17 oil and gas projects scheduled for development by 2027, Ghana seeks to revitalize its aging oilfields and bolster production. The country reported a 10.7% year-on-year increase in oil production during the first half of 2024, with recent reforms driving output. These include the launch of a Gas Master Plan and strengthened upstream fiscal terms. With an improved operating environment, oil and gas firms are already starting to expand their portfolios. The Atuabo II Gas Processing Plant and Pecan Phase 1A projects are both on track for production in 2025 while the Ghana National Petroleum Corporation will drill its first exploration well in the Voltaian Basin this year.

Ghana is also spearheading nuclear development in Africa. Alongside South Africa, Egypt, Nigeria and Kenya, Ghana is expected to account for the bulk of Africa’s nuclear-based power generation in 2040, with the country preparing to construct its first nuclear facility. Ghana is also one of several countries that currently account for over 75% of the continent’s utility-scale solar and wind projects under construction, with 500 GW currently in the concept phase across Africa, according to the AEC outlook.

Senegal

Senegal’s energy sector is poised for expansion following the start of production at the Sangomar oilfield and the Greater Tortue Ahmeyim (GTA) LNG development. The $5.2 billion Sangomar project – developed by Woodside Energy – exported its first crude in July 2024, with a capacity of 100,000 barrels per day (bpd). The GTA project – developed in partnership with Mauritania – achieved first LNG production in 2025, with first LNG exports expected shortly. The country also expects FID on the Yakaar-Teranga project in 2025, targeting production between 2028 and 2029. Additionally, Senegal is increasing the integration of renewable energy into the national grid, striving to develop 235 MW of solar, 150 MW of onshore wind and 314 MW of hydro by 2030, according to the AEC’s 2025 outlook. The country already hosts the Taiba N’Diaye project – a 158 MW wind farm that generates 15% of the country’s power generation.

Mauritania

Following the start of production at the GTA project, Mauritania seeks to attract new energy investment. The country signed an agreement in 2024 with PGS to acquire subsurface data for oil and gas exploration across onshore and offshore basins and is also preparing to auction 15 offshore blocks. On the project front, the country is seeking a partner to develop the 60 tcf BirAllah gas field; signed a contract with Taqa Arabia Co. Gas Consortium to develop the Banda field; and is advancing its green hydrogen portfolio. Targeting 12.5 million tons of green hydrogen by 2035, Mauritania’s recently approved Green Hydrogen Bill paves the way for fresh investment. Major projects include the 30 GW Aman project and the 10 GW Nour project.

“On the precipice of becoming an energy hub, West Africa offers significant opportunities for investors and project developers. Recent regulatory improvements and development plans further bolster investor confidence, underscoring the attractiveness of investing in Ghana, Mauritania and Senegal,” stated Tomás Gerbasio, VP Commercial and Strategic Engagement, AEC.

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.