Africa as a continent is home to a number of the world’s fastest-growing economies, with a lot of them buoyed by fresh oil and gas finds and they includes: Kenya, Mozambique, Tanzania, Uganda and Ghana. Though the price of oil is at present projected to be fair, oil prices are estimated to remain more than 75% higher than in the year 2009. And as a result, Africa’s top oil-producing countries will continue to list among the countries with the fastest growing economy on the continent. Africa as a continent boasts with 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, including Nigeria, Libya, Angola, Algeria, South Sudan, Sudan, Congo, Equatorial Guinea, Chad, Gabon, Tunisia, Egypt, Cameroon, Ivory Coast, and Mauritania.
Currently, there are 500 companies that are participating in Africa hydrocarbon exploration. The continent’s history of oil stretches back several decades and in some places, it is a century old. In this article, we’ll be looking at highest oil-producing countries in Africa, we hope you’ll find it interesting.
Nigeria holds the top spot on this list, although Libya has the largest reserves in the continent, Nigeria has the upper hand as it has the highest rate of production. Nigeria is the continent’s number one producer of oil and has the 2nd largest oil reserves. The country produces oil of high quality and is quite popular with the European and US refiners.
Angola holds the second spot just after Nigeria. It is definitely one of the largest oil producers in Africa. It produces an average of 1.9 million barrels in a day. Internationally, Angola ranks seventh, this is a clear fact they are a powerhouse when it comes oil production. Angola’s economy has greatly improved thanks to its well-established platform that encourages investors into the oil industry.
Following closely at the third spot is Algeria. According to sources, by the end of 2012 Algeria had an estimated 12.2 barrels of oil reserves. Though Algeria faces a number of challenges both politically and economically, it is still able to produce an average of 2.1 million barrels in a day.
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.
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.
See Also: Top 10 Largest Economies In Africa
At the sixth spot is Sudan. It manages to produce about 487,000 of oil per day. Oil is definitely one of the biggest economic activities of Sudan. Though it ranks up with the top, the country hasn’t been able to fully tap into the industry well with so many issues arising that recently caused the country to separate into two different nations.
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. The industry supports a good share in the economy while producing an average of 346,000 barrels every day.
8. The Republic of Congo
Though the Republic of Congo faces an unfortunate number of government and economic challenges it still manages to produce enough amount of oil to be able to appear in the top ten oil-producing countries.
Gabon is able to produce an average of 241,700 barrels of oil in a day. Unfortunately, Gabon’s mainland is covered by the rainforest and its offshore geology is very complex being among the issues that have led to the slow increase in the production of oil.
10. South Africa
By producing an average of 190,000 barrels of oil on a daily basis, South Africa is among the richest African economies and highest oil producing countries in Africa. Due to the countries stable economy, the oil industry has seen tremendous increment compared to when it had started off.
This makes the Top 10 Highest Oil Producing Countries in Africa and in conclusion, Africa as a continent will for a long time hold a good position among the top oil producer, and yet more potential still to be unlocked.