Africa currently hold 3.6% of the global oil reserves supply.
These countries are fortunate to boost their economies thanks to the discovery and production of oil. Let’s look at the top 5 oil producing countries in Africa.
- Annual Production (Thousands of Tonnes): 11,600
In July of 2016, the country joined OPEC, with the intention of increasing its production capabilities. Gabon generates an average of 11.6 million tonnes of oil every year, giving it the lowest production numbers of any OPEC member. Experts estimate that the country has approximately 274 million tonnes of untouched oil reserves. Most of its oil reserve fields are located in or near the Port-Gentil region.
4. Equatorial Guinea
- Annual Production (Thousands of Tonnes): 13,500
The country produces 13.5 million tonnes of oil annually. Production reached its highest rate in December of 2004 when it produced 393,000 barrels of oil per day. The lowest production for Equatorial Guinea occurred in February of 1994 when it hit only 2,600 barrels daily. In 2017, the country became the 14th member of the Organization of the Petroleum Producing Countries (OPEC). A number of oil deposits are located in Equatorial Guinea, the largest of which is the Zafiro field, which has a 1.2 billion-barrel reserve.
3. Republic of Congo
- Annual Production (Thousands of Tonnes): 14,500
The country’s oil sector country generates approximately 277,000 barrels of oil every day, which is equal to 14.5 million tonnes annually. The Republic of the Congo’s oil production increased significantly between the 1970s and the 1990s. However, between 2001 and 2008, the industry experienced a decline after oil fields were nearly depleted. New exploration projects have resulted in production growth since 2008.
- Annual Production (Thousands of Tonnes): 88,700
The oil industry here produces around 1.82 million barrels of oil every day, which represents an estimated 88.7 million tonnes on a yearly basis. The oil and gas industries make up approximately 45% of Angola’s gross domestic product (GDP).
- Annual Production (Thousands of Tonnes): 113,000
The oil industry generates around 2.35 million barrels of oil on a daily basis, which represents approximately 113 million tonnes every year. Since the middle of the 20th century, the country has been developing its oil processing industry. Today, oil makes up 90% of total exports from Nigeria and generates around 80% of its revenue.