West Africa’s oil and gas industry experienced significant growth in 2024, driven by the launch of key projects across the value chain. Countries like Ghana, Nigeria, Senegal and Mauritania achieved major milestones, leveraging their hydrocarbon resources to boost economic growth and enhance energy security.
Ghana Ramps Oil Production
Ghana reported a 10.7% year-on-year increase in oil production during the first half of 2024, according to the Public Interest and Accountability Committee’s November 2024 report. Production reached 24.86 million barrels by June, marking the country’s first production increase in five years. Industry revenues surged 56% to $840.8 million, driven by Tullow Oil’s Jubilee South East project. Gas output also rose by 7%. In August 2024, Ghana began constructing a $7 billion, 300,000-barrel-per-day refinery to maximize its hydrocarbon resources, boosting energy security and economic growth.
Abuja Selected as Africa Energy Bank Headquarters
In July 2024, the African Petroleum Producers Organization and the African Export-Import Bank designated Nigeria’s capital, Abuja, as the host city for the new Africa Energy Bank. By October, the bank had secured 45% of its initial $5 billion capital and is expected to begin operations in early 2025. The bank will provide vital funding for African energy projects by combining public and private sector financing to close infrastructure funding gaps.
Senegal Achieves First Oil Production
Senegal reached a historic milestone in June 2024 with Woodside Energy’s Sangomar Oil Project achieving first production. By early July, the country exported its first crude cargo via the Maran Poseidon tanker. The $5.2 billion project, with a production capacity of 100,000 barrels per day, targets an estimated resource base of 630 million barrels.
Greater Tortue Ahmeyim FPSO Arrival
Senegal and Mauritania received the FPSO unit for the Greater Tortue Ahmeyim (GTA) LNG project at its site along their maritime border in June 2024. By July, the project was 95% complete, advancing toward its early 2025 start-up. Operated by bp, the GTA project is set to produce 2.3 million tons of LNG annually over 20 years, targeting 15 billion cubic feet of natural gas.
Nigeria Launches 2024 Licensing Round
In May 2024, the Nigerian Upstream Petroleum Regulatory Commission launched a licensing round offering 12 oil blocks for exploration. These include six greenfield blocks on the continental shelf, four deep offshore blocks, and two onshore blocks in the Niger Delta. Bidding remains open until January 2025.
Dangote Refinery Achieves First Production
Nigeria’s Dangote Refinery, Africa’s largest oil and gas refinery, began producing diesel and aviation fuel in January 2024. Partnerships and new regulations requiring local producers to prioritize crude oil supply to the refinery enabled this milestone. In November, the Nigerian National Petroleum Company agreed to supply 100 million standard cubic feet of natural gas daily over the next decade. Additionally, the government approved naira-based crude sales in August, incentivizing local transactions to meet growing refinery demand.
