Oil has long been considered one of Africa’s most valuable economic assets. Libya has the greatest proven oil reserves in Africa, estimated at 48.4 billion barrels, and ranks tenth internationally, according to the most recent Global Firepower assessment.
Below are the African countries with the largest proven oil reserves:
1. Libya
Libya has Africa’s highest proven oil reserves, estimated at 48.4 billion barrels, and ranks tenth globally. Oil is the foundation of the economy, generating for more than 90% of government revenue. Since 2011, production has been repeatedly halted by political unrest and security concerns, preventing the country from fully realizing its resource potential.
2. Nigeria
Nigeria has Africa’s second-largest oil reserves, totaling around 36.9 billion barrels, ranking 11th globally. Oil has traditionally been essential to the economy, but the country is increasingly seeking diversification. Production has been impeded by pipeline vandalism, oil theft, and underinvestment, although recent measures, such as the Petroleum Industry Act, aim to attract capital and stabilize output. Nigeria remains a major supplier to global markets and an important member of OPEC. Along with oil, the country’s rising gas reserves are likely to play an increasingly important role in future energy and export initiatives.
3. Algeria
Algeria’s proved oil reserves are over 12.2 billion barrels, ranking it 15th globally. The country is a major energy source for Europe, exporting both oil and natural gas. Sonatrach, the state-owned company, dominates the industry, with hydrocarbons accounting for the vast majority of export revenues. Algeria’s oil output is mature, but it continues to invest in exploration and advanced recovery techniques.
4. Angola
Angola has roughly 7.8 billion barrels of known oil reserves, ranking 18th globally. It is one of Sub-Saharan Africa’s top oil producers, with offshore areas accounting for the majority of production. Oil accounts for the majority of government revenue and export revenues, making the economy extremely sensitive to price fluctuations.
5. South Sudan
South Sudan has an estimated 3.75 billion barrels of proven oil reserves, ranking 24th worldwide. Oil dominates the economy, accounting for almost all government revenue. However, due to the country’s landlocked location, exports are dependent on pipelines through Sudan, posing political and logistical weaknesses.
6. Egypt
7. Republic of Congo
The Republic of Congo has around 2.9 billion barrels of known oil reserves, ranking 28th globally. Oil generates the great majority of export revenues and government revenue. The majority of output comes from offshore areas managed by international energy firms.
8. Uganda
Uganda has an estimated 2.5 billion barrels of proven oil reserves, ranking 30th worldwide. Unlike many producers, Uganda has yet to become a big exporter, with its oil sector still in development. Projects including the Tilenga and Kingfisher projects, as well as the East African Crude Oil Pipeline (EACOP), are slated to start production later this decade.
9. Gabon
Gabon has around 2 billion barrels of known oil reserves, ranking 36th globally. Oil has historically supported the economy, but output has increasingly decreased as mature fields age. To help stem the decline, the government is supporting additional exploration and enhanced recovery technologies. Gabon is likewise attempting to diversify its economy away from hydrocarbons by focusing on mining, forestry, and services. Despite having a smaller reserve base than regional neighbors, oil remains an important source of revenue.
10. Chad
Chad has proved oil reserves estimated at 1.5 billion barrels, placing 37th globally. Chad is a landlocked country that relies on export pipelines through Cameroon, which raises costs and makes it more vulnerable to disruptions. Oil is the country’s primary export and a significant source of government cash, albeit the advantages have been unevenly distributed.