2.500
%
Positive
66
mm boe
53
%
The upstream remains open to smaller E&Ps, as the region is largely overlooked by the majors, and Akrake's Sèmè redevelopment shows potential. However, the coup attempt in December 2025, jihadist attacks in the north and disputes with Niger over crude transit have raised political risk, and the standard PSC still lacks a stability provision. Outlook amended from Positive because the coup attempt and northern insecurity have materially raised political risk. Outlook: Neutral. Risk premia raised from 2.5% to 3.75%.
October 7, 2026
Africa - West
mm bbl
bcf
Western Africa, bordering the Bight of Benin, between Nigeria and Togo.
PSC/PSA
The tax and legal regime applicable to oil companies operating in Benin depends on the date on which the petroleum contract was signed. Petroleum contracts signed with the Beninese Authorities before 17 October 2006 are governed by the Petroleum Code dated 13 April 1973
Benin has been politically stable but increasingly authoritarian under President Patrice Talon. The main opposition party was excluded from the April 2026 presidential election that marked the end of Talon's two terms, and a coup attempt was foiled in December 2025. Jihadist spillover from the Sahel has made the northern border areas high-risk, and the FCDO advises against travel there. US and UK guidance cite reforms, investment in the Port of Cotonou and the Glo-Djigbé industrial zone, but note weak courts and limited market size. Upstream activity is modest (the offshore Sèmè field has been redeveloped), and the Niger–Benin export pipeline has been disrupted by border tensions with Niger.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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