Africa's proved gas reserves have grown steadily while domestic consumption has lagged the pace of discovery. The constraint has rarely been resource; it has been the absence of bankable offtake and the infrastructure required to reach it.
We see three conditions converging. Industrial demand is deepening in coastal economies, regulatory frameworks for domestic supply obligations have matured, and the cost of liquid fuel substitution has become impossible for governments to ignore.
For investors, the implication is that midstream and monetisation assets, rather than upstream reserves alone, will determine returns in this cycle. Capital structured around contracted cash flows, with security packages that survive political change, will outperform capital chasing barrels.
Enchi Capital's approach is to underwrite the full chain from wellhead to burner tip, funding in disciplined tranches tied to verified milestones and to the delivery of the infrastructure on which the offtake depends.