CAPE TOWN, South Africa (UGNEWSLINE) – Chevron and ExxonMobil remain committed to expanding their African oil and gas portfolios, with improving investment conditions, promising geology and renewed project momentum supporting further exploration across the continent. Both companies emphasized the importance of regulatory stability, competitive fiscal terms and strong government partnerships in attracting capital to Africa’s upstream sector during a fireside chat at African Energy Week (AEW) 2026 in Cape Town.
Brent Gros, Chevron’s President for Offshore, and Hunter Fariss, ExxonMobil’s Senior Vice President for Deepwater, outlined their companies’ investment priorities and the conditions needed to advance major developments.
“From Chevron’s perspective, we’re excited about the potential in Africa. We see things evolving in a positive way,” Gros said, pointing to more attractive investment conditions than those available several years ago.
Chevron has increased its African acreage position by approximately 7% over the past two years, reflecting its continued interest in the continent’s exploration potential. Gros highlighted competitive fiscal regimes, regulatory stability and political certainty as important factors supporting investment, alongside reliable approvals and effective partnerships.
He also noted that previously stranded projects are beginning to regain momentum, creating opportunities for a new wave of upstream investment. For capital-intensive developments, these improvements can help companies advance projects that have struggled to reach final investment decisions (FIDs).
Fariss similarly emphasized Africa’s importance to ExxonMobil’s global investment strategy, while stressing that the continent must compete with opportunities elsewhere for the company’s capital. Geological potential, project economics and relationships with governments and partners will determine where the company commits funding.
“You have to believe in the fundamentals. And the geology here in Africa still looks really good,” Fariss said, highlighting the continent’s potential to contribute to future global energy supply.
ExxonMobil is pursuing opportunities across several African markets, combining production optimization at established assets with infrastructure-led exploration and new developments. In Angola, the company continues life-extension work and infill drilling, while Mozambique’s Rovuma Basin remains a key focus as the company advances toward FID on its major LNG development.
Fariss also stressed the importance of accelerating project delivery, arguing that delays postpone economic benefits and undermine value creation. For both supermajors, progress will depend on translating geological potential into commercially viable projects through predictable regulation, competitive investment terms and sustained cooperation with host governments.
Their remarks underscore a shared priority: maintaining Africa’s position in global upstream investment by advancing existing developments while pursuing new exploration opportunities.
