The Orange and Ivorian basins: spearheads of African oil discoveries in 2024

In a global context marked by a decrease in hydrocarbon discoveries, Africa is asserting itself as a strategic region for oil exploration, particularly due to the potential of its offshore areas. According to the "High Impact Wells 2025" report by S&P Global, exploration campaigns in Africa were particularly successful in 2024, with major discoveries in the Orange and Ivory Coast basins. 

These two basins were the main contributors to the 2.9 billion barrels of oil equivalent discovered on the continent in 2024, representing 35% of the oil resources identified globally that year. This performance contrasts with 2023, when Africa contributed only 7% to new global discoveries. 

The Orange basin, in particular, confirmed its rise that began in 2022 with the discovery of the Venus-1 field by TotalEnergies. In 2024, this area saw the identification of new fields, including the Mopane 1X field by the Portuguese company Galp. According to S&P Global, the Orange basin is among the three basins that contributed to half of the oil resources discovered globally in 2024, alongside the Central Arabian province and the Guyana basin in South America. 

At the same time, the Ivorian sedimentary basin distinguished itself with significant discoveries, notably the Calao field identified through the drilling of the Murène 1X well by Eni. Since the discovery of the Baleine field in 2021, this offshore area of Ivory Coast has become one of the most prolific in Africa. 

However, this African dynamic contrasts with the global trend. In 2024, the volumes of newly discovered oil and gas worldwide reached 8.8 billion barrels of oil equivalent, well below the annual average of 15.4 billion over the past decade, representing the lowest level since the 1950s. 

Source: Agence ecofin, Editorial Team MEPD Web Portal