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,…
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Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
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, Kenya and Namibia expand the production base. Major offshore discoveries and a wave of upstream deals are turning Africa into the world’s next natural gas and LNG frontier. Sub-Saharan Africa (SSA) has emerged as a premier frontier for this global diversification strategy, offering large reserves of uncommitted gas entirely outside the Middle Eastern chokepoints. Backed by expanding infrastructure and floating LNG (FLNG) deployment, Fitch has forecast that SSA’s LNG exports will surge by nearly 175% to 98 billion cubic meters (bcm) by 2034, up from 35.7 bcm in 2024.
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