Africa’s energy landscape is rapidly evolving, with several markets emerging as key frontiers for oil, gas, and renewable energy development. In 2024, intensified cooperation with global partners drove significant advancements, positioning these nations as pivotal players in shaping the continent’s energy future. Here are five markets to watch as they redefine Africa’s energy potential.

Namibia

Portuguese energy corporation Galp discovered light oil at the Mopane-2A well in December 2024 as part of a four-well exploration and appraisal campaign at PEL 83, offshore Namibia. The discovery is but one of several made in the country’s Orange Basin in recent years, with the government targeting first oil production in the basin by 2029. In addition to appraisal activities, new drilling campaigns – such as ReconAfrica’s Naingopo well in the Damara Fold Belt – underscore Namibia’s position as an emerging frontier.

Looking ahead, the country is focused on further exploration as well as the development of the domestic oil and gas market. A suite of players is either expanding their presence or entering the Namibian upstream market, seeking high-impact discoveries. Energy major Qatar Energy acquired additional interests in PEL 56 and PEL 91 in November 2024; Azule Energy completed their farm-in for Block 2914A; while Petrobras is seeking growth opportunities offshore Namibia.

Additionally, Namibia approved its National Upstream Local Content Policy in December 2024 to enhance local beneficiation from the burgeoning oil and gas industry, while in the renewables sector, the country continues to advance several large-scale projects such as the $10 billion Hyphen Green Hydrogen Project.

The Republic of Congo

The Republic of Congo emerged as one of the fastest growing energy markets in Africa in 2024 with several milestones achieved in terms of policy revitalization and project launches. In December 2024, Eni launched the hull of the Nguya FLNG vessel – a key part for its Phase 2 of the Republic of Congo’s inaugural LNG project. The 2.4 million tons per annum vessel is expected to achieve first production by the end of 2025.

The government also announced the development of a new Gas Master Plan and the establishment of a National Gas Company to optimize the gas value chain. Meanwhile, Perenco achieved significant oil production milestones, increasing daily output to 80,000 barrels, with a target of 100,000 barrels by 2025. With a 2025 licensing round on the cards and the advancement of multi-phase projects such as the onshore Bango Kayo – developed by China’s Wing Wah -, the Republic of Congo is gearing up for a high-impact year in 2025.

Senegal

Senegal became an African oil producer in 2024, with the start of production at the Sangomar oilfield development – developed by Woodside Energy. Senegal also advanced the Greater Tortue Ahmeyim (GTA) gas project, now over 95% complete, with first gas expected in early 2025.

The country has also been making strides in gas-to-power projects, with the launch of the 300 MW West Africa Energy facility in August 2024, while financial close for the Saint Louis gas power plant is expected in the short term. Concurrently, National Oil Company Petrosen progressed the country’s flagship 25-trillion-cubic-feet Yakaar-Teranga gas project, kickstarting a process to bring an investor on board and expedite the project. These projects align with national goals to position Senegal as a regional energy hub.

Mauritania

In addition to advancing the GTA conventional gas development in partnership with Senegal, Mauritania has emerged as a highly promising energy market, particularly in the green energy sector. Seeking to maximize its significant solar and wind resources, the country is developing a series of green hydrogen projects in partnership with international firms, including bp, Chariot, AMEA Power, CWP Global, the EU, Conjuncta, Infinity and the World Bank. Additionally, developments in gas fields like Banda and BirAllah further underscore Mauritania’s energy market growth potential.

Uganda

The progression of the $4 billion East African Crude Oil Pipeline (EACOP) in Uganda has positioned the country as both an attractive and increasingly strategic investment market. The pipeline provides a direct route to international markets, making investing in Uganda’s oilfields that much more lucrative. In November 2024, the EACOP reached its 47% completion milestone, moving Uganda closer to unlocking reserves from the Tilenga and Kingfisher fields.

Uganda also launched exploration projects in two new basins – Moroto-Kadam and Kyoga – and adopted an innovative financing model to expedite its planned $4 billion oil refinery. These developments showcase the significant growth potential available in Uganda, making it a promise frontier market.