Africa’s upstream expansion opens opportunities for oilfield services companies, says AEC

Africa’s expansion of new oil and gas projects and efforts to extend the life of mature fields are creating growing opportunities for oilfield services companies, according to the African Energy Chamber (AEC).

Countries including Nigeria, Angola, Namibia, Mozambique, Côte d’Ivoire, Uganda, Ghana, Republic of the Congo and Equatorial Guinea are emerging as markets for exploration, drilling, subsea, engineering, production and infrastructure services, the AEC said in a press release on August 31.

The opportunities will be discussed at African Energy Week (AEW) 2026 in Cape Town from October 12-16. A dedicated session, “Africa’s Oil & Gas Services Opportunity”, will examine expanding upstream activity, competition for capital and the technologies and business models needed to support growth.

Africa accounts for nearly 40% of planned exploration wells globally, according to the AEC, making the continent an important market for service providers as producers seek to increase output and improve energy security.

Nigeria is among the largest near-term opportunities, with established infrastructure, brownfield redevelopment and growing deepwater activity. The AEC said a new deepwater fiscal framework could unlock an estimated $50bn in investment and revive projects delayed by regulatory and commercial issues.

Angola is also seeking to reverse production declines and extend the life of existing mature fields while maintaining output at about 1.1mn barrels per day (bpd). The chamber said Angola “presents a massive growth pipeline for global service companies”, after attracting more than $14bn in annual oil and gas investment over the past three years and targeting $70bn over the next five.

Mozambique is emerging as a major LNG services market, the AEC said. Large-scale developments such as Mozambique LNG operated by TotalEnergies (EPA/LSE/NYSE:TTE), Coral North FLNG developed by Eni (BIT:ENI, NYSE:E) and partners, and Rovuma LNG Phase 1 led by ExxonMobil (NYSE:XOM), are among the projects driving demand. In August, ExxonMobil Moçambique on behalf of the Area 4 co-venturers awarded $1.1bn in pre-investment contracts for Rovuma LNG upstream equipment.

Equatorial Guinea is offering 12 additional exploration blocks, presenting opportunities for subsea, drilling, and technical service providers, after major exploration agreements with energy giants Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), Eni and Galp Energia (ELI:GALP), the AEC said. The chamber also noted that Liberia and Sierra Leone were expanding their offshore exploration portfolios, while Namibia remained the continent’s leading exploration hotspot ahead of its 2031 first-oil target.

“Africa is entering a new cycle of upstream activity, with frontier exploration accelerating, brownfield assets being optimized and existing infrastructure being revitalized,” said NJ Ayuk, executive chairman of the AEC.

“This creates significant opportunities for oil and gas services companies that can bring the technology, expertise and commercial models needed to help African producers develop resources faster and more efficiently. AEW 2026 will connect these companies with the governments, operators and projects driving Africa’s next phase of upstream growth.”