Oil-producing African countries have increased their crude production quota, now accounting for 35 per cent of newly discovered oil reserves in 2024, a substantial rise from just seven per cent in 2023, a new report by S&P Global has stated.

The production upsurge shows that African nations are now leading the charge in newly discovered crude oil reserves amidst the energy transition agenda pushed by Western nations.

However, Nigeria, with oil reserves of 37.5 billion barrels, was notably absent from these recent findings.

The report titled “High Impact Wells 2025” explained that while about 8.8 billion barrels of oil equivalent were found, the Cote D’Ivoire Basin and the Orange Sub-basin accounted for 2.9 billion of this figure.

It noted, however, that the figure was the lowest net newly discovered volumes since the 1950s. According to the report, there are a plethora of promising high-impact wells, highlighting the need for advanced exploration.

https://punchng.com/africa-accounts-for-35-of-newly-discovered-oil-report/