Africa is endowed with a lot of mineral resources and one of these resources is oil. The rate at which the economies of these African countries grow is on the high even though oil prices seem to fluctuate in recent times. Africa has quite a long list of countries producing oil. According to some reliable information, 16 of the total 54 countries in the continent are strong exporters of oil. The continent’s history of oil dates back to several decades.
Which countries in Africa have oil?
Nigeria, Libya, Angola, Algeria, South Sudan, Sudan, Congo, Equatorial Guinea etc. are recognised as oil producing nations. About 16 of the 54 countries in Africa have large reserves of oil.
Top 10 Oil Producing Countries in Africa 2019
10. South Africa
South Africa boasts of one of the richest economies in Africa at the moment and also a top oil producer. On a daily basis, it averages 190,000 barrels of oil and is one of the most developed countries on the continent. Due to the country’s stable economy, the oil industry has seen tremendous increment compared to when it had started off.
According to an online report, Gabon produces an average of 241,700 barrels of oil in a day. Located in central Africa, Gabon’s mainland is mostly covered by the rainforest which caused the complex nature of its offshore geology. This in turn has led to the slow increase in the rate at which oil is produced. Gabon holds down the 9th position as one of the oil producing countries in Africa 2019.
8. The Republic of Congo
The Republic of Congo is the eighth largest producer of oil in Africa but faces an unfortunate number of political challeges as well as a poor economy but has been ranked among the list of top ten oil producing countries in Africa. The country’s economy has begun to stabilize due to the improving oil sector; which has seen more investors bringing their money into the country.
7. Equatorial Guinea
Equatorial Guinea is at the seventh spot closely on the tail of Sudan. The country’s oil rings are placed off the coast making exportation quite easy. It is the third-largest oil producer in Sub-Saharan Africa. The country’s oil industry produce an average of 346,000 barrels everyday.
Sudan’s oil sector acts as the country’s biggest economic activity. The country has been involved in civil war between the north and south for many years which has resulted in the country splitting into two independent nations. Though it ranks up with the top, the country hasn’t been able to fully tap into the industry well,all thanks to the split. The primary importers of Sudanese oil are Japan, China, South Korea, Indonesia, and India.
Sudan produces about 487,000 of oil per day.
Though at some point Egypt’s oil production had been declining, an offset being the development of the natural gas industry, which since this period the natural gas production has increased enough to cater for the ever-increasing consumption level, it is still among the top oil-producing countries in the continent. The pharaohs exports only 89,000 barrels a day, which allows most of it’s oil to circulate in its domestic market.
Libya’s first productive oil well was struck in 1959 at Amal and Zelten,now known as Nasser. Oil reserves in Libya are the largest in Africa and among the ten largest globally with 46.4 billion barrels as of 2010. It is not a chance that the Libyan economy is among the most hydrocarbon-dependent. Even by facts, the oil and gas industry does account for almost 70% of its GDP, approximately 97% of the export earnings, and about 90% of fiscal revenues. Libya produces an average of 1.7 million barrels daily.
Angola is not just the third highest oil producing country in Africa 2019, but also the seventh highest producer in the world. This is a clear fact they are a powerhouse when it comes oil production. Angola produce about 1.69 million barrels of oil in a day. Angola once overtook Nigeria as the largest producer of oil in Africa.
With almost 1.9 million barrels of oil produced each day, Algeria is the second highest producers of oil in Africa. The biggest oil company in Algeria is the state owned Sonatrach; who recently had their CEO fired due to a number of scandals plaguing himself and the company. According to sources, by the end of 2012 Algeria had an estimated 12.2 barrels of oil reserves.
Nigeria holds the top spot on this list, although Libya has the largest reserves in the continent. Nigeria currently produce about 2.53 million barrels (402,000 m3) per day and is the current largest producer of oil in Africa. The country produces oil of high quality and is quite popular with the European and US refiners.