Africa is attracting major oil explorers to drill most wells

Africa is drawing marquee oil majors this year, with companies planning to drill more than twice as many high-impact exploration wells as any other region in the search for future reserves.

The continent also leads with a dozen ultra-deepwater wells slated to reach depths of 1 500 meters or more, projects that can cost hundreds of millions of dollars, according to analysts at Rystad Energy AS. In onshore frontier activity, Africa is similarly poised to dominate.

“What we are seeing in 2026 is a clear shift in where operators are willing to deploy capital,” Aatisha Mahajan, Rystad’s head of exploration, oil and gas research, said in a report. “Africa stands out because it still combines geological potential with the prospect of large, commercially meaningful discoveries.”

Oil majors, having stepped back from prioritizing renewable and other low-carbon technologies, are seeking to replace output from aging fields in decline.

Africa is set to account for around 40% of the world’s high-impact exploration wells, which are designated as such based on potential size and significance. They’re largely located along the Atlantic margin in Southern Africa and the Gulf of Guinea, according to Rystad. Asia also has eight, led by Indonesia.

Shell Plc has increased stakes in Nigerian fields and is considering a potential $20 billion investment in the Bonga field. In December, TotalEnergies SE added to its offshore Namibia discoveries by taking a 40% stake in Galp Energia SGPS SA’s Mopane find and expects to make a final investment decision this year on an earlier discovery.

© 2026 Bloomberg

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