Sub-Saharan Africa Q3 2023 M&A Quarterly | Deal flow remains strong with plenty on the menu heading into 2024

October 18, 2023

Four deals were announced in Q3, two in Angola and one each in Nigeria and Gabon. Activity was driven by African-focused independents and brownfield specialists like Oando, Afentra and Maurel & Prom. Asian NOC PETRONAS bucked the trend as it bought into TotalEnergies’ greenfield Kwanza Basin project. In terms of consideration paid, Q3 has been the strongest this year and shows that there is a consistent appetite by dealmakers to transact in Sub-Saharan Africa.