Africa as a continent is home to a number of the world’s fastest growing economies include Kenya, Mozambique, Tanzania, Uganda and Ghana. Although the price of oil is currently forecast to be fair, oil prices are expected to remain more than 75% higher than in 2009. As a result, Africa’s top oil producing countries continue to be ranked among the countries with the highest price levels and the fastest growing economy on the continent. Africa as a continent has quite a long list of oil producing countries. According to reliable information, 16 of the continent’s 54 countries are major oil exporters, including Nigeria, Libya, Angola, Algeria, South Sudan, Sudan, Congo, Equatorial Guinea, Chad, Gabon, Tunisia, Egypt, Cameroon, Ivory Coast and Mauritania.
Currently there are 500 companies that areparticipating in the exploration of African hydrocarbons. The continent’s petroleum history stretches back several decades and in places is a century old. In this article we look at the countries with the highest oil production in Africa. We hope you find it interesting.
1.Nigeria
Nigeria tops this list, however, Libya has the continent’s largest reserves, Nigeria has the upper hand and the highest production rate. Nigeria is the continent’s largest oil producer and has the second largest oil reserves. The country produces high quality oil and is very popular with European and US refiners.
2. Angola
Angola ranks second after Nigeria. It is definitely one of the largest oil producers in Africa. An average of 1.9 million barrels are produced per day. Internationally, Angola is in seventh place. This is a clear fact that Angola is an oil production powerhouse. Angola’s economy has improved significantly thanks to its well-established platform that encourages investors in the oil industry.
3. Algeria
Algeria follows closely in third place. According to sources, Algeria had an estimated 12.2 barrels of oil reserves at the end of 2012. Algeria, while facing a number of challenges both politically and economically, is capable of producing an average of 2.1 million barrels per day.
4. Libya
This is no chance for the Libyan economy, one of the most hydrocarbon dependent. The oil and gas industry generates almost 70% of its GDP, around 97% of its export earnings and around 90% of its tax revenue. Libya produces an average of 1.7 million barrels per day.
5. Egypt
At some point, Egyptian oil production compensated for by the declining development of the natural gas industry, which since that time has increased natural gas production to the point where it can cope with the ever-increasing consumption. It is still one of the continent’s leading oil-producing countries.
6. Sudan
Sixth is Sudan. It manages to extract around 487,000 oil per day. Oil is definitely one of Sudan’s biggest economic activities. Although the country is at the top, it has not been able to fully tap the industry as so many problems have arisen that the country recently split into two different nations.
7. Equatorial Guinea
Equatorial Guinea is seventh on the tail of Sudan. The country’s oil rings are offshore, making exporting fairly easy. The industry supports a good share of the economy, producing an average of 346,000 barrels per day.
8. Republic of the Congo
Although the Republic of the Congo is facing numerous governmental and economic challenges, it still manages to produce enough oil to feature in the top ten oil producing countries.
9. Gabon
Gabon can produce an average of 241,700 barrels of oil in a day. Unfortunately, Gabon’s mainland is covered by rainforest and its offshore geology is very complex, among the problems that have led to a slow rise in oil production.
10. South Africa
Producing an average of 190,000 barrels of oil per day, South Africa is one of the richest African economies and one of the most oil-producing countries in Africa. Due to the country’s stable economy, the oil industry has seen tremendous growth compared to when it started.
This makes the top 10 highest oil producing African countries and ultimately Africa as a continent will hold a good position among the top oil producers for a long time and unleash even more potential.
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