At MSGBC Oil, Gas & Power 2025, industry leaders highlighted the crucial role of digital technologies and stronger policy frameworks in driving future growth.
Africa will require an estimated $375 billion over the next decade to fully fund upstream and midstream gas development, according to the Society of Petroleum Engineers (SPE). The figure underscores the scale of investment needed to commercialise the continent’s substantial resources and meet rising global demand.
Speaking at the MSGBC Oil, Gas & Power 2025 conference in Dakar, Dr Riverson Oppong, Africa Director at SPE, said the continent is positioning itself for increased capital inflows through improved gas master plans, stronger policy frameworks and more bankable commercial models.
“Africa is a gas market. But despite holding 8% of global reserves, we don’t participate on the global stage,” Dr Oppong said. “Our constraints lie in policy, commercial structures, infrastructure and financing conditions.”
Dr Rose Ndong, Chair of the Dakar Section of SPE, added that the organisation’s goal is to deepen technical collaboration between industry stakeholders in Senegal and across Africa.
Digitalisation Takes Centre Stage
Global technology firm SLB highlighted that digital technologies—particularly IoT, analytics and AI—will be essential to unlocking the continent’s upstream potential. These tools, the company said, can enhance exploration and drilling, improve production efficiency, strengthen supply chains and boost safety and environmental compliance.
“Data is a key focus area for improving the upstream value chain,” said Larry Velasco, Africa New Venture Manager at SLB. “The cost of bad data can result in the loss of 15–25% of revenue for most companies.”
SLB also noted that global demand for oil and natural gas is expected to increase by around 20% by 2050, driven in part by a wave of 17 high-impact exploration wells completed across Africa in 2025.
Urgent Need for Capital Deployment
With energy demand rising rapidly, the continent must accelerate investment to offset natural declines and support future supply, said Paul Freeman, SLB’s Global Exploration Advisor.
“Africa’s oil and gas industry requires a rapid deployment of investment to offset declines and meet peak demand,” Freeman said.
The call for substantial financial commitments highlights both the opportunity and urgency facing African gas producers as the global energy landscape continues to evolve.
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