2026 is shaping up to be a pivotal year for energy investment across the continent, with multiple oil and gas projects expected to reach final investment decision (FID), as African governments and operators move from assessment and planning to implementation. These projects, which span remote deepwater developments, large-scale LNG, mature basin expansions and strategic refining capabilities, demonstrate growing investor confidence and could shape the continent’s production and export prospects over the next decade.
Venus Project, Namibia
Total Energy is targeting a 2026 FID for its Venus field in Namibia’s Orange Basin. The development is located on Petroleum Exploration License (PEL) 56 and will be integrated with the adjacent Mopane field on PEL 83 to form a major production site. The development positions Total Energy as operator of two of Namibia’s biggest discoveries, with first oil expected to be completed by 2029-2030. This complex development is considered to be the foundation of Namibia’s emerging upstream industry.
Rovma LNG, Mozambique
ExxonMobil is preparing an FID for the Rovuma LNG project in Area 4 of the Rovuma Basin, with force majeure lifted in 2025 due to improved security conditions. In the first phase, gas from the Mamba complex will be used to build 12 modular liquefaction trains with a total annual capacity of 18 million tonnes. The project has been undergoing design optimization since its suspension in 2021, with first exports targeted for the early 2030s.
Boularet Nord, Algeria
Algerian state-run Sonatrach is pursuing FID for its $887 million Boularet Nord project in Block 242. Development is expected to peak at 43,000 barrels per day (bpd), with first production targeted by 2030. The project reflects Algeria’s strategy to develop new offshore reserves and maintain production stability in key mature basins.
uganda crude oil refinery
Uganda’s $4 billion Kabale refinery is moving towards FID following a 2025 partnership agreement between state-run Uganda National Petroleum Corporation and private investment firm AlphaMBM Investments. The 60,000 barrels per day facility will be financed through a 60/40 debt-to-equity structure and is expected to strengthen domestic refining capacity, reduce import dependence and support regional industry growth.
Honorary Awards: Baleine Phase 3 and Yakaar Teranga
The Balein Phase 3 project in Côte d’Ivoire and the Yakar Teranga project in Senegal continue to receive attention. Balein Phase 3, led by Eni, is expected to increase the Balein development’s total production to 150,000 barrels of oil and 200 million standard cubic feet of gas per day. Eni recently sold 30% of its shares to Vitol, retaining 47.25%. The Yakar Teranga project in Senegal, led by Kosmos Energy, will produce gas primarily for domestic use, with total recoverable reserves estimated at 25 trillion cubic feet, with first production targeted for 2028-2029. Both projects highlight the potential for short-term sanctions in West Africa.
