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 10 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.