Africa Deepwater Boom: $1m Boe/d Surge by 2035 Driven by Chevron, Eni and Total

Sub-Saharan Africa's deepwater production is expected to surge by over 1 million barrels of oil equivalent per day (boe/d) by 2035, driven by several major projects taking final investment decisions (FIDs) in 2026 and 2027.

The Aseng Gas blowdown project in Equatorial Guinea, led by Chevron, is one such key development. Signed off in late January, it will monetize approximately 1 trillion cubic feet of gas from Block I and support the Equatorial Guinea LNG plant's production capacity.

Eni has also sanctioned Phase 3 of the Baleine project offshore Côte d'Ivoire, which is expected to increase oil output from around 60,000 barrels per day (bbl/d) to 150,000 bbl/d and gas production from 80 million cubic feet per day (MMcf/d) to 200 MMcf/d by the end of the decade.

Azule Energy's Blocks 31 and 21 Greater PAJ project in Angola has been sanctioned, with peak production expected at around 95,000 bbl/d and first oil anticipated for 2029. TotalEnergies' Venus oil and gas project on PEL 56 in Namibia is also on track for sanction this year.

However, ExxonMobil's Owowo (OML 139/OML 154) development in Nigeria may slip into 2027 due to changes in project design and prioritization of other ventures. The Deepwater Three Points (Pecan) project in Ghana will not make FID this year, as uncertainty over partnership structure hinders progress.