Africa is rapidly emerging as a significant player in the global oil market, with 2024 marking a watershed moment in the continent's hydrocarbon exploration. According to a recent S&P Global report titled "High Impact Wells 2025", Africa accounted for 35% of all new oil finds in 2024, up from a mere 7% in 2023. This surge in discoveries underscores Africa's growing importance in the global energy landscape.

One of the most striking features of Africa's oil boom in 2024 is the high level of exploratory activity in frontier and immature basins. A staggering 60% of the New Field Wildcats (NFWs) drilled off Africa were in these underexplored areas, demonstrating the continent's vast potential. The Southwest African Coastal Basin, particularly the Orange Sub-basin, and the Cote d'Ivoire Basin are two of the most promising new exploration hotspots.

The report highlights that among the 70+ basins where discoveries were made in 2024, three basins accounted for half of the total found resources: the Orange Sub-basin of the wider Southwest African Coastal Basin, the Central Arabian Province, and the Guyana Basin. These locations contributed significantly to the finding of over 2.9 billion barrels of oil equivalent (Bboe) in 2024, solidifying Africa's position as a promising location for oil exploration and investment.

The report also notes that 2025 is projected to have "more favorable outcomes than in 2024, when a relatively modest 8.8 billion barrels of oil equivalent (Bboe) was found." This optimism is fueled by the fact that more than 35 High Impact Wells (HIW) are scheduled globally for 2025, with drilling plans in both immature and frontier basins, as well as mature provinces. Latin America and Africa remain key regions, with significant wells planned in the Guyana Basin and Orange Sub-basin, respectively.

The rise in oil finds across Africa is expected to generate significant economic benefits. As global investment flows into Africa, countries with potential oil deposits can expect improved energy security, infrastructure development, and job creation. This influx of investment is likely to have a profound impact on the continent's economic landscape, driving growth and development in the years to come.

In conclusion, Africa's emergence as a major oil investment destination is a significant development in the global energy market. With its vast untapped resources and growing exploration activity, the continent is poised to play an increasingly important role in meeting the world's energy demands. As investors and oil companies turn their attention to Africa, the region is likely to experience a period of rapid growth and transformation.