Africa will require $375 billion in investment over the next decade to fully develop its natural gas sector and meet rising global and regional demand, the Society of Petroleum Engineers (SPE) has said.
Speaking at the MSGBC Oil, Gas & Power 2025 Conference in Dakar, Dr. Riverson Oppong, SPE Africa Director, said the continent must accelerate funding for both upstream and midstream gas projects if it hopes to leverage its vast reserves and strengthen energy security.
Despite holding 8% of the world’s natural gas reserves, Africa remains a marginal player in global gas markets. Dr. Oppong attributed this to policy constraints, weak commercial frameworks, inadequate infrastructure, and limited financing mechanisms.
“Africa is a gas market, but despite our immense potential, we do not participate meaningfully on the global stage,” he said, calling for coordinated national gas master plans and stronger institutional capacity.
The session also underscored the role of digital technology in transforming the sector. Energy technology firm SLB highlighted the benefits of investing in data-driven tools such as IoT systems, analytics, and artificial intelligence, which can improve exploration accuracy, boost production efficiency, enable predictive maintenance, and strengthen safety and environmental performance.
“Bad data can cost companies up to 15–25% of revenue,” warned Larry Velasco, Africa New Venture Manager at SLB, stressing that improved data quality is essential for optimizing Africa’s upstream value chain.
SLB further projected that global demand for oil and natural gas will rise by about 20% by 2050, creating both opportunity and urgency for Africa. This year alone, the continent recorded 17 high-impact oil and gas wells, signaling renewed exploration momentum.
However, without rapid investment to offset production declines and expand infrastructure, the region risks missing out on future energy opportunities, said Paul Freeman, SLB Global Exploration Advisor.
The MSGBC 2025 gathering, hosted by SPE Senegal, brought together industry leaders, policymakers, and technology experts to push for greater collaboration and investment in the region’s evolving energy landscape.
