Enverus Intelligence Research (EIR) has released a new analysis showing Africa has emerged as an important focal point of global upstream expansion as companies rebuild exploration portfolios to replenish reserves and pursue future growth. EIR identified 187 country entries or reentries that were either completed or under consideration globally during 1H25–1H26, with activity spanning a wide range of companies and geographies. Africa captured about 50 percent of these new upstream entries. Interest has been heavily concentrated in West Africa, led by deepwater activity along the Atlantic Margin, while North African markets have drawn renewed interest through government efforts to attract international investment, including new bid rounds.
The acreage rush reflects a broader shift toward organic exploration. Dwindling reserve life, subdued exploration spending over the past decade, and a shrinking pool of suitable acquisition targets are placing greater emphasis on finding new resources. However, EIR highlights that the latest wave of entries is best understood as a screening cycle rather than a drilling cycle, as companies rebuild exploration inventories while preserving capital flexibility.
Large operators are increasingly using early-stage access agreements, including reconnaissance permits and memoranda of understanding, to evaluate broad acreage positions while limiting upfront commitments. These structures allow companies to screen at scale, high-grade their portfolios, and advance only the most material opportunities.
Jimmy Boulter, senior regional manager of Sub-Saharan Africa at EIR, said, “Africa has become the center of gravity for upstream portfolio expansion, but the real test of exploration appetite will come when large operators have to move from option-taking to capital allocation. As today’s early-stage access agreements mature, the key markers will be how many convert into full exploration licenses, what drilling commitments those licenses carry, and how much acreage is ultimately recycled back into the market for other companies to pursue.”
