Deepwater Projects Drive Sub-Saharan Africa Production Growth

Deepwater oil and gas production in Sub-Saharan Africa is poised for significant growth by 2035, driven by major projects nearing final investment decisions (FIDs). Chevron's Aseng Gas blowdown project in Equatorial Guinea will monetize approximately one trillion cubic feet of natural gas from Block I and backfill the Equatorial Guinea LNG plant. Production start is expected in 2028.

Other notable projects include Eni's Phase 3 development of the Baleine field off Côte d'Ivoire, which will increase oil production by 150,000 barrels per day and gas output by 200 million cubic feet per day. Azule Energy's Blocks 31 and 21 project in Angola has achieved FID, with peak production expected at around 95,000 barrels per day.

While several projects are on track for sanction this year, including TotalEnergies' Venus oil and gas project in Namibia and Shell's Bonga SW/Aparo (BSWAP) project in Nigeria, some may face delays due to factors such as cost optimization and changes in project design. ExxonMobil's Owowo development and TotalEnergies' Preowei development are likely to slip into 2027.