Energy buyers burned by the Strait of Hormuz are turning to Africa, and the money is following. The African Energy Chamber projects that Africa’s upstream sector will attract ~$40 billion a year through 2030, lifting the continent’s hydrocarbon output to 12.5 MMboe/d. Mozambique, Nigeria, Angola, Libya and Ivory Coast will take the largest shares of that capital, while new projects in Uganda, Kenya and Namibia expand the production base. Major offshore discoveries and a wave of upstream deals are turning Africa into the world’s…

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