Oil & Gas Explosion Coming: Africa Set for $120bn Market as Demand Soars by 2.2m Barrels
The downstream market for oil and gas in Africa is expected to grow from USD 80.5 billion in 2018 to USD 120.8 billion by 2032. This is because demand is expected to rise by 2.2 million barrels per day across the continent from 2019 to 2035, making Africa the next big place for downstream growth in the world. Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC), spoke at the OTL 2025 Expo in Lagos about “Emerging Business Models within the Downstream Landscape.” He said that digitization, diversification, and customer-centered innovation are changing the sector and that it is entering a new era. * Dr. Oppong* said that digitizing downstream operations can cut costs by 12–20%, boost output by up to 12%, and cut unplanned shutdowns by 25%. He also said that Ghanaian operators are already putting in place automation and digital payment systems. He said that gas stations are changing into places where people go to live, with convenience stores, digital wallets, and real-time fuel prices. He also said that new business models like Energy-as-a-Service (EaaS), mini-refineries, LPG micro-distribution, and pay-as-you-go systems are changing how energy is delivered across Africa. Dr. Oppong* told lawmakers and business leaders that “the future belongs to companies that embrace technology, collaboration, and customer-driven energy solutions.” He also said that they should spend in digital infrastructure, make regulations stronger, and encourage creativity and sustainability.
