Africa’s new producers struggle for financing
IOCs and Western lenders are reluctant to commit to new oil and gas projects in African frontier countries
Africa’s frontier oil and gas countries are crying foul as they struggle to raise money to exploit newly discovered resources due to IOCs’ selectiveness over where they commit funding despite dialling down their green ambitions and boosting capex on fossil fuels. Senegal, Namibia and Sierra Leone are some of the new entrants to the oil and gas sector that are facing financing difficulties, with IOCs focusing on share buybacks and paying high dividends as Western lenders and development banks shun fossil fuel investments. Senegal, which started pumping oil for the first time in 2024 from the Sangomar field—operated by Australia’s Woodside Energy—has yet to reach FID on the Yakaar-Teranga gas
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
