KEY POINTS
- More than 150 African oil and gas projects have stalled amid declining investment.
- Africa holds about 125 billion barrels of proven oil and 620 trillion cubic feet of gas reserves.
- IPPG wants stronger policies, faster approvals and more investment to unlock the projects.
More than 150 critical oil and gas projects across Africa have been stalled as investment in the continent’s energy sector continues to decline, raising concerns over energy security, job creation and economic growth.
Chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, disclosed this at Africa Oil Week 2026 in Accra, Ghana, where he warned that the withdrawal of capital was happening at a time when millions of Africans still lack reliable and affordable access to electricity and other forms of modern energy.
Falade said the stalled projects represent a major setback for African economies, as they could have generated jobs, government revenues, industrial activity and increased energy supplies.
According to him, Africa attracted only about two per cent of global renewable energy investment last year, while its traditional oil and gas sector is also struggling to attract the capital required to develop new projects.
Falade described the situation as a contradiction, given the continent’s enormous hydrocarbon resources.
Africa has about 125 billion barrels of proven oil reserves and approximately 620 trillion cubic feet of proven natural gas reserves, he said.
“Africa is resource rich and energy poor,” Falade stated, arguing that the continent should be able to use its abundant resources to address widespread energy poverty and support economic development.
He also pointed to what he described as an imbalance in the global climate debate. Africa accounts for roughly 18 per cent of the world’s population but contributes less than four per cent of global greenhouse gas emissions.
He said the continued retreat of investment was therefore particularly concerning because African countries are being confronted with severe energy shortages while having a relatively small contribution to global emissions.
The IPPG chairman urged African governments to take immediate steps to rebuild investor confidence and unlock projects that have been delayed.
He called for predictable fiscal policies, stronger measures to reduce investment risks and faster regulatory approvals, saying these measures would help bring stalled oil and gas developments back on stream.
Falade also stressed the importance of giving indigenous African companies greater opportunities to participate in the sector.
Falade further argued that Africa’s energy transition must reflect the continent’s development realities.
While supporting cleaner energy, he said African countries should not be prevented from exploiting their natural gas resources, particularly when millions of people and businesses still lack dependable electricity.
“We can pursue cleaner energy while still using our gas to power industries, homes, and businesses across the continent,” he said.
