Senegal and Zimbabwe Sought Energy Investment at Gastech
The nations looked to secure foreign capital for domestic energy projects during the Bangkok conference.
Updated on Sept. 21, 2026 in Oil and Gas
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Senegal and Zimbabwe pitched domestic energy projects to global investors at the Gastech 2026 conference in Bangkok. Both nations aim to leverage recent fossil fuel discoveries to drive industrialization and expand electricity access.
Why it matters
African governments are increasingly focused on securing foreign infrastructure investment to transition away from expensive fuel imports. This push reflects a broader strategy to increase domestic control over energy resources and reduce regional power poverty.
The US International Development Finance Corporation holds over $11 billion in energy exposure across Africa. Meanwhile, Senegal's public-sector debt reached approximately 132% of GDP by the end of 2024.
The players
Senegal
This West African nation is actively developing its offshore gas and oil fields to modernize its electricity grid.
Zimbabwe
This Southern African country is seeking to upgrade its national power infrastructure to improve energy security.
Invictus Energy
This independent oil and gas exploration company is currently developing the Cabora Bassa Basin in Zimbabwe.
US International Development Finance Corporation
This federal agency provides financing for private development projects in lower-income countries including African nations.
The details
Senegal is working to replace heavy fuel oil and coal with domestic gas from the Greater Tortue Ahmeyim project, which began flowing in late 2024. In Zimbabwe, developers are targeting the Cabora Bassa Basin following a 2023 gas discovery at Mukuyu, though financing remains a hurdle after the termination of a $500 million agreement in early 2026.
Timeline
Invictus Energy discovered gas at Mukuyu in 2023.
Senegal produced its first oil from the Sangomar field in June 2024.
The Greater Tortue Ahmeyim gas project began flowing in December 2024.
Invictus Energy terminated a $500 million financing deal in January 2026.
The Gastech 2026 conference took place from September 14-17, 2026.
Market Landscape
These investment efforts follow the fiscal framework established by the IMF Extended Credit Facility. Senegal's pursuit of new energy infrastructure financing is occurring alongside ongoing negotiations for a $2.2 billion program with the agency.
These efforts aim to lower electricity generation costs by shifting reliance away from expensive imported fuels. Improved grid stability and expanded energy capacity could eventually increase the availability of power for industrial and household consumers in these nations.
The takeaway
Securing international capital is critical for African nations to transition from dependency on fuel imports to sustainable energy production. Success in these infrastructure projects could shift the region toward greater energy independence over the next decade.
Further reading
For more on the evolving energy sector, visit the Oil and Gas section.
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Should nations prioritize using domestic energy resources for local industry over exporting them for profit?
