Africa as a continent may be known for far too many negative things, but her ability to always come up with the goods is unquestionable. Should the most developing countries in Africa decide to form a cartel, “oil producing countries in Africa” could be the best fit?
Despite the challenges faced in Africa, 5 out of 30 highest oil producing countries come from Africa. That’s why there is far too much interest from the western counties.
Top Ten Oil producing countries Africa
|Country||Number of Barrels|
|1. Nigeria||2,525,000 barrels per day|
|2. Algeria||1,885,000 barrels per day|
|3. Angola||1,840,000 barrels per day|
|4. Libya||1,600,000 barrels per day|
|5. Egypt||680,000 barrels per day|
|6.Sudan and South Sudan||520,000 barrels per day|
|7. Equatorial Guinea||345,000 barrels per day|
|8. The Republic of Congo||270,000 barrels per day|
|9. Gabon||240,000 barrels per day|
|10. South Africa||190,000 barrels per day|
It is no longer a secret anymore; the West loves oil, for the oil promises fortune. Many fast growing African Countries depend on crude oil for foreign exchange currencies. That’s why most African countries are experiencing economic decline every time the oil price hits a new low.
10.South Africa (190,000 barrels per day)
South Africa is the 10th largest oil producing country in Africa. With 190,000 barrels of crude oil extracted on a daily basis, she is growing time after time with a promise of doing, even more, considering her financial capabilities.
Petrol and diesel are the primary liquid fuels used in South Africa. Currently, South Africa possesses four major crude oil refineries. She is ranked 41st in the most oil producing countries in the countries.
9.Gabon (240,000 barrels per day)
Ranked 37th in the world ranking, Gabon is currently 9th in the highest oil producing countries Africa list. Gabon’s oil production has been concentrated in one large oil field and supported by several smaller areas.
In Gabon, oil revenue accounts up to 54% of the total government revenue. The country depends so much on the oil production that with the recent declining oil output, as a result of mature oil fields and absence of significant new finds, Gabon has endured so much economic crisis.
8.The Republic of Congo (270,000 barrels per day)
The Republic of Congo is ranked 36th in the world and 8th as one of the largest oil producing country in Africa.
Oil and Gas dominate the resource sector of the Republic of the Congo. The petroleum industry accounts for up to 87% of the country’s exports and almost 80% of the government’s total revenue.
It is no secret to say; the whole economy is very much dependent on crude oil production industry.
7.Equatorial Guinea (345,000 barrels per day)
Ranked 35th in the world, Equatorial Guinea is the 7th largest oil producing country in Africa on our list producing a high 345,000 barrels per day.
Nearly all of Equatorial Guinea’s oil production is exported, and the small amount of domestic consumption met through imports of refined products
The country’s natural gas reserves are located on Bioko Island, which is the site of the nation’s capital, Malabo, and mainly in the Zafiro and Alba oil and gas fields.
6.Sudan and South Sudan (520,000 barrels per day)
Ranked 34th in the world, Sudan slots into 6th on our list as one of the top most oil producing country in Africa.
Most of the oil production capacity is now in South Sudan after it gained independence from Sudan in 2011, but it has to use Sudan’s export pipelines and port which make the two countries dependent
The wars happening between the two nations though for the oil has led to a major decline in the oil production within the two countries.
In turn, the economies in those regions has hit a new low, and the decline is expected to progress with political instability being the key behind it.
5.Egypt (680,000 barrels per day
The pharaohs are ranked 29th in the world and 5th in Africa.
Producing 680,000 barrels per day of crude oil, it serves the desert country as the key export commodity to gain foreign exchange currencies.
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.
4.Libya (1,600,000 barrels per day)
Libya is ranked 27th in the world ranking and is 4th largest oil producing country in Africa.
With 1,600,000 barrels of crude oil produced on a daily basis, Libya enjoys most of her revenue from the oil industry.
Libya oil reserves of 48 billion barrels are the largest in Africa and the 9th largest in the world.
The oil sector in the country contributes over 95% of the country’s exports.
3.Angola (1,840,000 barrels per day)
She is ranked 17th in the world and 3rd in Africa as one of the top oil producing countries Africa.
The Sociedade Nacional de Combustiveis de Angola, also known as Sonangol, is Angola’s state-owned oil company. It oversees virtually all oil and gas development in the country.
Most exploration and production operations in Angola headed by international oil companies operating in joint ventures or under production-sharing agreements with Sonangol
2.Algeria (1,885,000 barrels per day)
Algeria is the 16th largest oil producing country in the world and 2nd largest oil producing country in Africa.
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.
The entire crisis surrounding the country in the past five years has been down to the superiority of oil business. Enterprise Nationale Sonatrach is Algeria’s state-owned oil and gas company.
1.Nigeria (2,525,000 barrels per day)
Nigeria will have to take some stopping. They lead in almost everything in Africa. Whether it’s positive or negative, they are the USA of Africa.
Nigeria produced more than 2.4 million barrels of oil per day in 2014 to rank as the 13th-largest oil producer in the world. The country has produced between 2.1 million and about 2.6 million barrels per day for the last 18 years.
The state-owned Nigerian National Petroleum Corporation (NNPC) is responsible for regulating Nigeria’s oil and gas sector, and for developing its oil and gas assets.
Nigeria leads the pile in the top ten oil producing countries.
Africa as a whole may be behind in development, but her industries, development and the will of her people for a better tomorrow boosts the continent to a higher new potential.