Africa’s Indigenous Energy Champions Are Driving a New Era of M&A and Upstream Growth

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By AOW:Energy Editorial Team

Africa’s oil and gas landscape is undergoing a powerful transformation, one driven not just by global operators but increasingly by indigenous African companies who are stepping into the spotlight as key dealmakers and strategic investors in upstream assets. From Nigeria to Ghana, Côte d’Ivoire to Senegal, the momentum is unmistakable. As the global energy sector shifts toward securing long-term, low-cost, high-value assets, African-owned firms are positioning themselves at the forefront of mergers, acquisitions, and production-led growth.

The Nigerian M&A Surge: Indigenous Energy on the Rise

In my view, there’s something truly remarkable happening in Nigeria right now, African companies are stepping up activities and investment in huge M&A deals that will transform the markets. More indigenous operators taking ownership, and driving the upstream sector forward in a way we’ve never seen before. Companies like Seplat Energy, Oando PLC, and Chappal Energies are now taking leading positions in the market; in fact these trailblazers are reshaping it through bold, strategic acquisitions that put African ownership at the centre of Africa’s energy story. We are beginning to see the emergence of the Africa IOCs of the future.

Indeed, Seplat Energy’s acquisition of ExxonMobil’s business in Nigeria—which has received wide industry recognition is a game-changing move that reinforces Nigeria’s energy sovereignty. It positions Seplat as a major driver of upstream production, not only enhancing its portfolio but also directly contributing to the country’s long-term energy goals and the ambitious production targets not only of the companies, but also of Nigeria itself.

Our other sponsors Oando PLC have also made a transformative play with its acquisition of ENI’s Nigerian subsidiary, NAOC. This deal will almost double Oando’s reserves to 996 million barrels of oil equivalent, a staggering leap that underlines the company’s long-term vision for integrated operations and local strength and we commend Mr. Wale Tinubu and his team for this bold and unwavering commitment to our regional develop, we will hear more about this in Mr. Tinubu keynote in the AOW:Energy Summit 15^th – 18^th September in Accra Ghana where Oando are our sponsors.

And it would be remise of us not to mention the huge stides being made by Chappal Energies, a rising force in Nigeria’s private energy space. The company’s recent $1.2 billion transaction with Equinor, closed in December 2024, is a testament to the capability, financial maturity, and operational readiness of Nigerian independents. Deals like this show that African businesses are now leading from the front, injecting fresh drive, capital, and ambition into assets across the region to meet the production targets we all believe are achievable for our continent.

In my opinion, this trend is essential to our regions success and energy security. We recently confirmed in His Excellency Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) to keynote at the AOW:Energy summit an in our recent exchange I asked him what his views are regarding the outlook for Nigeria and the region, and his response was clear “Paul, I firmly believe Nigeria can meet and exceed its ambitious oil production targets. We are already seeing the impact of increased activity from our indigenous companies, whose role in driving output and sustaining long-term growth is more important than ever. That is not to say international partnerships are no longer needed. On the contrary, we welcome global partners, and we do so with a clear ambition: to ramp up production, expand capacity, and ensure the Nigerian energy sector remains globally competitive and nationally transformative.” What you are seeing is that the IOCS are going to the deep offshore which is a win-win for us as a country.

H.E. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), Federal Republic of Nigeria. (In conversation with Paul Sinclair, AOW:Energy)

I believe the more local businesses contribute to production and growth, the more robust and resilient Africa’s upstream sector will become. It will also help mirror and support the bold targets set by His Excellency Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), which I’ll come onto shortly. What we are witnessing is the rise of African ownership in African energy, and I believe this is exactly what our continent needs to secure a stronger, more inclusive energy future.

A Shared Mandate with the Federal Government of Nigeria

These corporate moves align strongly with the ambitions of the Federal Government of Nigeria, especially under the leadership of His Excellency Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil). In a bold statement, His Excellency declared:

“In August 2023, Nigeria’s daily crude oil production was barely a million bpd. Currently, the nation produces about 1.8 mbpd. Our target is to reach three million barrels per day by 2025.”

Its clear Nigerian leadership has a robust roadmap for development and AOW:Energy is proud to contribute to this mandate and host His Excellency at AOW:Energy 2025, Accra Ghana. We are fully committed to working alongside Nigeria’s government and private sector to realize this ambition by facilitating investment, creating platforms for engagement, and building the coalitions necessary to move from promise to performance.

Alongside deal flow, the question of capacity is being actively addressed. The Nigerian Content Development and Monitoring Board (NCDMB), under the leadership of Engr. Felix Omatsola Ogbe, is ensuring that increased production is matched by increased local participation. Through policy, funding, compliance monitoring, and ecosystem support, NCDMB is ensuring that the oil produced in Nigeria brings maximum value to Nigerians through jobs, innovation, and indigenous service delivery.

Engr. Felix Omatsola Ogbe will be at AOW:Energy to partner with the Petroleum Commission Ghana and regional leadership to develop shared prosperity and shared growth through African participation in tenders and projects

Then we turn to the regional Momentum in Ghana, Côte d’Ivoire, and the Southern Atlantic Basins which we believe will bring further development and growth for our sector.

Regional growth is also being seen elsewhere, the growth is not confined to Nigeria. In Ghana, two new drilling programs have recently been announced by Tullow Oil and ENI, sparking a renewed scramble for offshore opportunity in one of the most prolific basins in West Africa, we wish our friends and partners ENI and Tullow the best in these operations.

Meanwhile, in Mauritania and Senegal, the Greater Tortue Ahmeyim (GTA) project a major gas hub is progressing steadily, bringing global attention to West Africa as a competitive, long-term energy corridor, signifying the growing success of our region as leader in energy development. Africa is a huge success story, something we must celebrate and continue to build on and we thank all our regional and international partners for this continued success.

AOW:Energy 2025 – A Platform for Progress

All of this momentum converges at AOW:Energy 2025, taking place 15–18 September in Accra, Ghana. This year’s Summit will be our largest yet bringing together over 1,250 global executives, ministers, CEOs, NOCs, and independent operators under one roof to drive deals, share strategies, and build partnerships.

The commitment of regional leadership including the recent acceptance of His Excellency Heineken Lokpobiri and the Nigerian government to support AOW:Energy reflects the strategic alignment of our shared objectives:

Accelerate upstream development
Enable indigenous ownership and M&A growth
Facilitate partnerships for new and existing assets
Create jobs, capacity, and value for African economies

Join us at AOW:Energy 2025 – Accra, Ghana | 15–18 September 2025

To discuss participation or partnership, contact: