Major African countries are key players on the international market through their oil and gas reserves. Countries pride themselves with the amount of reserves they have as such invite a lot of foreign investors into their country. Sadly, Oil and Gas production in African has always been the breathing ground for corruption and major disputes. Today, Opportunity Africa explore the top five oil producing countries in the continent.
Libya oil reserves of 48 billion barrels are the largest in Africa and the 9th largest in the world. Libya produces 528,000 barrels of crude oil daily, which makes it the fifth biggest oil producer in Africa and the 29th largest oil producer in the world. Libya’s economy depends on the oil sector, which contributes over 95 per cent of export earnings.
Egypt daily oil production of 582,000 barrels is the fourth highest among the oil producing countries in Africa, and it is the has the 27th highest oil output in the world. Egypt is the largest non-OPEC oil producer in Africa, and it is a major transit route for oil shipped from the Persian Gulf to Europe and the USA. Egypt has the largest oil refining capacity in Africa; it refines most of its crude, and it has one of the most advanced energy facilities in Africa
Algeria is third largest oil-producing African country and the 17th largest oil producer in the world. Algeria has an oil reserve of about 12 billion barrels and a daily production capacity of 1.7 million BPD. The oil and gas sector of Algeria is the mainstay of the economy; it accounts for about 35 percent of Algeria’s GDP and two-thirds of its total exports.
Being number 16 in world ranking, Angola is the second largest oil-producing African country with a daily production of 1.5 million barrels. It is the 12th member of OPEC and is currently exporting nearly 90% of crude oil to China and the U.S.A. The economy of Angola is largely dependent on oil, Oil production accounts for 40% of Angola’s GDP, the country has an estimated 8 billion barrels of oil reservest
Currently Africa’s largest oil producer and 13th largest in the world, Nigeria’s daily production currently reaches about 1,9 million barrels. The country also has the second largest proven oil reserves in Africa and the 10th largest in the world. Though the petroleum industry has been plagued by massive corruption, militancy, oil spills and oil theft, the current government remain optimistic that more transparency will be introduced in the oil and gas sector of the country. Nigeria remains the major exporter and this oil is also its biggest source of foreign earnings.