CALGARY, Alberta (Aug. 26, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, 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% 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.
“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,” said Jimmy Boulter, Senior Regional Manager of Sub-Saharan Africa at EIR.
Key takeaways:
- Africa captured about 50% of new upstream country entries in 1H25–1H26, making it the leading region for current upstream expansion.
- EIR identified 187 country entries or reentries completed or under consideration globally since the start of 2025.
- West Africa is the epicenter of the current African licensing wave, while North Africa is benefiting from renewed bid round activity and efforts to attract international investment.
- Large international operators and national oil companies are both contributing to the expansion of upstream acreage positions.
- Rising block awards are unlikely to translate directly into an immediate drilling boom, as companies attempt to maximize acreage screening while exercising capital discipline to avoid overextending their exploration commitments.
EIR’s analysis pulls from a variety of products including Enverus ONE™.
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Additional Resource:
- Upcoming Webinar: Join Enverus on Sept. 24, 2026, for a deeper look at Africa’s growing role in global upstream expansion, including where IOC and NOC interest is concentrating, what is driving the latest acreage push and how to distinguish early-stage access from firm exploration commitments. Register for “Africa’s Upstream Acreage Rush: Where Operators Are Placing Their Next Bets.”
About Enverus Intelligence® Research
Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
