This is a list of the largest oil producers in Africa, countries that were lucky to strike the black liquid within their boundaries.
Oil is what drives our manufacturing, transport, agricultural, and other important sectors of our economy. Indeed, fluctuations in oil prices cause tensions and send shivers all around the world.
So which are the largest oil producers in Africa? Here below is a complete list of countries that can stand up among other world countries and boast to be contributing to the production of the black gold to the market.
These 5 countries rank among the top 30 oil producing countries of the world. Let us look at each of them closer
Top 5 Largest Oil Producers in Africa
The land of the Pharaohs is among the largest oil producers in Africa. As of 2019, the country steadily produced 630 thousand barrels a day.
Egyptian General Petroleum Corporation (EGPC), a state-owned oil company has been the force behind the oil production in the country. The company collaborates with several international oil companies in offshore and onshore production operations in Egypt.
To boost its oil production, the Egyptian government has worked to make the country more attractive to foreign investment. These reforms include reducing subsidies to EGPC and reducing the number of payments in arrears to international oil companies.
Libya has always been in the news for the wrong reasons, which revolve around the wars fought to take control of the country. However, behind these wars is the country’s oil industry. Libya, in 2019 produced 1.2 million barrels of oil, making it one of the top five producers of oil in Africa.
While Nigeria has the second-largest proven oil reserves in Africa, Libya is known to have the largest proven oil reserves. However, since the topping of its strongman Gaddaffi the former president, Libya has not been able to fully exploit its potential.
Libya oil reserves continue to fuel wars between the government and militias who are constantly at war, therefore cutting on production.
Algeria is the 3rd largest oil producer in Africa producing 1.3 million barrels a day as of 2019. Due to controls by OPEC, this production has dropped from about 1.7 million barrels as the organizations seeks to control the oil prices.
Entreprise Nationale Sonatrach is Algeria’s state-owned oil and gas company, which continues to dominate the oil industry in Algeria.
Most of the oil produced from Algeria is exported to markets in Europe, which is in its proximity. BP, Total, and Exxon Mobile are the major international companies that operate in Algeria.
Sandwiched between DRC, Namibia, and Zambia is Angola. As of 2019, Angola produced 1.4 million barrels of oil. This was, however, a decline from 1.8 million the country had been producing by the year 2015.
Angola has both offshore and onshore oil wells that produce the countries’ millions of barrels, however, with the price of dropping, production had been reduced as agreed by OPEC ( Organization of Petroleum Exporting Countries ) an organization that Angola is a member.
Several significant international oil companies that operate in Angola include BP, Chevron, Exxon Mobil, Total, Statoil, Eni, and China National Offshore Oil Corporation, also known as CNOOC.
Agência Nacional de Hidrocarbonetos e Biocombustìveis (ANHB) is a new independent regulatory organization that currently controls the oil industry in Angola.
Nigeria is not only the most populous country on the continent but also the largest producer of oil in Africa. In 2019, Nigeria produced 2.1 million barrels per day making it among the top ten oil producers in the world.
According to the U.S Energy Information Administration, Nigeria has the second-largest known oil reserve in Africa. However, security issues and other business risks in the country have made it difficult for continued oil exploration.
This means that the country has a potential, to produce more oil if the issues highlighted above are solved. Though it is the largest economy on the African continent, corruption and high populations means that most people are still poor and have not yet tasted the fruits of living above Africa’s largest oil deposits.
The Nigerian National Petroleum Corporation (NNPC), a state-owned corporation, is responsible for regulating the oil and gas sector in the country. Oil multinational companies such as Shell, Total, Eni, Exxon, Mobil, and Chevron operate in the country.
Other Oil Producing Countries In Africa
Though the countries above are the largest producers of oil Africa, they are other countries that produce substantial oil.
Other oil producers in Africa are
- South Sudan
- Democratic Republic of Congo
- Equatorial Guinea
Several countries in Africa continue prospection oil within their boundaries in hope of striking it rich. However, until they do so, the five countries above remain the largest oil producers in Africa.