The African continent is the world’s second-largest continent with its surface area covering 20.4% of the Earth’s total land area. The continent of Africa is rich in resources and mineral deposits chief among these being petroleum.
According to Investopedia, five African countries are on the list of the top 30 oil producing countries in the world.
In 2014, the African continent produced more than 8.7 billion barrels per day and oil production makes up a significant portion of the countries’ GDP.
Here are the top ten oil producing countries on the African continent.
10. South Africa
Number of barrels per day: 20,000
Classified by the World Bank as an upper-middle-income country, South Africa is just in its infancy stage of oil production. South Africa began exploring for oil around 1913 and production began in 1997.
The country requires about 20,000 barrels per day but the level of production is not able to meet these needs. As a result, South Africa supplements its oil requirement by importing from other oil producing countries.
However, explorations are still taking place to discover oil wells to boost the daily production of oil.
Number of barrels per day: 220,000
Gabon is a country located in Central Africa that produces approximately 220,000 barrels of oil per day. The oil industry in Gabon has been impacted by the drop in oil prices on the world market.
This, in turn, has decreased the revenues generated from oil production and exportation and has lowered the GDP of the country.
Revenues earned from oil production now constitute 50% of the GDP and 80% of the country’s export basket.
8. Equatorial Guinea
Number of barrels per day: 227,000
In 1995, explorers struck gold or should I say oil when oil was discovered in the Gulf of Guinea. Equatorial Guinea is in a better economic position than many of its members as the government owns the major company that drills for oil, GEPetrol.
It is estimated that the country produces 420,000 barrels of oil per day with 87% of it being exported.
Number of barrels per day: 255,000
The oil production industry is a significant industry in Sudan. Oil and petroleum products exportation contributes up to 90% to Sudan’s total exports.
Companies began exploring for oil in the 1970s and made major discoveries in the Upper Nile region. Sudan produces approximately 255, 000 barrels of oil per day.
Number of barrels per day: 300,000
The oil industry in the Republic of Congo emerged in the 1970s and experienced significant growth in the 1990s.
Producing on average 300,000 barrels of oil per day, the Republic of Congo is the 5th largest oil producer in the Sub-Saharan region of Africa. In 2010, 89% of the country’s export came from the oil industry.
Number of barrels per day: 300,000
Oil was first found in Egypt in 1908. In 2005, Egypt produces 500,000 barrels per day. Its largest oil fields are located in the Western Desert, the Gulf of Suez and in the Sinai Peninsula.
Egypt is said to have the sixth largest oil reserves in Africa. Egypt also has large reserves of natural gas and shale oil.
Number of barrels per day: 678,000
In this country, gas is said to be cheaper than water. Do not be surprised. Producing 678,000 barrels of oil each day places Libya as the fourth largest producer of oil in Africa.
Eighty percent of the country’s GDP is made up of income earned from oil production and ninety-seven per cent of its exports. With the largest oil reserve in Africa, the economy of Libya is predicted to continuing on its growth path.
Number of barrels per day: 1,085,000
Algeria is a country located in North Africa. The population of Algeria is made up of Arab-Berbers. With oil production amounting to 1,085,000, it is Africa’s third largest producer of oil and the OPEC has declared that it has the 16th largest oil reserves in the world and the 2nd largest in Africa.
Number of barrels per day: 1,673,000
Oil production began in Angola in 1995 and has been used to improve the economy of the country. The economy of Angola relies on oil production which makes up 45% of its GDP and 95% of its exports.
Oil production decreased in Angola as a result of an agreement reached between OPEC and its member countries to reduce the production of oil in order to raise the price of oil on the world market.
Number of barrels per day: 2,525,000
Nigeria, also known as the Giant of Africa, is located in West Africa. Producing 2,525,000 barrels of oil per day, Nigeria is Africa’s largest petroleum producer, the 6th largest producer in the world and the 8th largest exporter of oil.
Income earned from oil production in Nigeria makes up 40% of the GDP and 80% of government revenues. Although it is the largest producer of oil in Africa, there is potential for even more growth but this potential is being hampered by attacks on its oil infrastructure.