Africa’s LNG Exports Set to Soar 175% as Buyers Flee Hormuz
Energy buyers burned by the Strait of Hormuz are turning to Africa, and the money is following. The African Energy Chamber projects that Africa’s upstream sector will attract ~$40 billion a year through 2030, lifting the continent’s hydrocarbon output to 12.5 MMboe/d. Mozambique, Nigeria, Angola, Libya and Ivory Coast will take the largest shares of that capital, while new projects in Uganda,…
As buyers abandoned Iran's Strait of Hormuz following its 2023 closure, they have flocked to Africa for their energy needs. According to the African Energy Chamber, Africa's upstream sector will draw in $40 billion annually by 2030, propelling the continent's hydrocarbon production to 12.5 million barrels of oil equivalent per day.
The biggest beneficiaries of this influx of capital will be Mozambique, Nigeria, Angola, Libya, and the Ivory Coast, as new projects in Uganda, Kenya, and Namibia expand the production base. Africa is emerging as the next significant natural gas and LNG frontier, with Sub-Saharan Africa in particular standing out as a premier destination.
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