The year thus far has seen a lot of fluctuations per country production and a large effect coming in from the drop in oil prices by over 60% in November 2014. The withdrawal of investments from oil and gas projects across the continent have not been so surprising owing to issues ranging from the current oil price, civil unrest, unfavourable policies and diverse politically uncertain scenarios.
Who are the top producers in Africa? Oil is one of the most powerful tools of trade in the world. The most powerful countries in the world hold great control over the resource that is needed to run almost everything right from the huge industries to simple generators in the home. Africa is one of the world largest oil producers after the Middle East. Countries like Kenya and Uganda have been doing a serious exploration for oil and this has raised hope in the countries for the production of oil. It would also mean a lot for these countries in terms of exports and financial abilities if oil was to be struck in these regions. Here are the top oil producers in Africa from the least to the most in terms of BARRELS PER DAY production. There are many more oil producers in the continents but the quantities of the oil determine their placing.
10. South Africa (191,000 bbl/d)
Top ten from the bottom is South Africa producing about one hundred and ninety one thousand barrels of oil per day. South Africa is one of Africa’s richest countries. The country is looking into more prospects with the opening up of new oil wells to expand the business. They are currently importing oil and have not reached a capacity to export any oil. The country requires about five hundred and seventy six thousand barrels per day to run the country. The deficit is bought from other countries like Nigeria, Gabon and Ghana. The national oil company is PetroSA.
9. Gabon (235,000 bbl/d)
Gabon is an established oil-producing nation, with a reserve of crude oil accounting for 1.6% of Africa’s total reserve, and 0.13% of global reserves. According to OPEC’s 2013 data, the Republic of Gabon has a proven crude oil reserve of two billion barrels of oil. According to Oil and Gas Review 2015, Gabon makes up about 0.25% of global oil production and about 3.1% of Africa's production bringing it to about two hundred and thirty five thousand barrels per day and clinching the 9th position on the list. Gabon Oil Company (GOC) is the national oil company.
8. Sudan (240,000 bbl/d)
Sudan is the eighth biggest producer of oil in Africa, producing about 240, 000 barrels a day. Sudan (North and South) accounts for 0.3% of worlds proven reserves at 5 billion barrels. This indicates a decline in production due to declining investments and poor crude accounting.
Sudan has oil as its biggest economic activity. The country has also had its share of problems with the north and the South having problems getting along leading to the splitting of the country into two independent nations. Things are still tense though the oil keeps running.
7. The Republic Of Congo (280,000 bbl/d)
According to the 2013 BP Statistical Energy Survey, Congo had proved oil reserves of 1.94 billion barrels at the end of 2011, equivalent to 17.9 years of current production and 0.11% of the world's reserves. The seventh biggest producer of oil in Africa, the country produces about 280, 000 barrels of oil per day. The country has also been unstable from war while now with a coup taking place. The stable economy being enjoyed now has been part of improving the oil sector with more investors considering the country as an investment point. The national oil company is Société nationale des pétroles du Congo.
6. Equatorial Guinea (311,000 bbl/d)
According to the 2013 BP Statistical Energy Survey, Equatorial Guinea had proved oil reserves of 1.705 billion barrels at the end of 2013, equivalent to 18.5 years of current production and 0.1 % of the world's reserves. The country has experienced a fluctuation in net crude production which has seen its production drop from 364,000 bbl/d in 2013 to 311,000 bbl/d, giving it the number six spot on the list. The country's national company is GE Petrol.
5. Libya (360,000 bbl/d)
Libya is one of the decline examples from previous years sitting at the number five spot. Libya experienced a drop in production from 510,000 bbl/d in December 2014 to 360,000 bbl/d in February 2015 due to the persistent civil unrest and continuous attacks on its oil facilities hampering production capacity.
Libya still has the largest proven reserves in Africa and constitutes about 2.9% of the global reserves at 48.5 billion barrels. The National Oil Corporation (NOC) is the national oil company.
4. Egypt (520,000 bbl/d)
Egypt is an important non-OPEC energy producer. It has the sixth largest proved oil reserves in Africa. Over half of these reserves are offshore reserves and its reserves represent 0.2% of global reserves standing at 3.9 billion barrels. The Egyptian General Petroleum Corporation (EGPC) is the country's national company.
3. Algeria (1,400,000 bbl/day)
OPEC member Algeria sits at third place after experiencing a decline in it's production over the last five years. With proven reserves of 12.2 billion barrels it is the fourth largest in Africa and makes up 0.7% of global total. Sonatrach is the government-ran oil company. The country has experienced drops in production over the years with the decline from 2011 due to misappropriation of exploration and production permits by the government and very unattractive legislative guidelines for foreign investments.
2. Angola (1,860,000 bbl/d)
OPEC member Angola comes in second place with a daily production of about one million eight hundred and sixty thousand barrels per day. Its proven reserves sit at 12.7 billion barrels making up for 0.8% of the global total. Looking to be a force to be reckoned with on the African energy frontier, Angola has been really attracting a lot of foreign investments and the government expresses it's interest through Sonagol, the country's national oil company.
It's vision is to be the largest producer in Africa by 2016, and with the current developments its a goal that can be achieved.
1. Nigeria (2,470,000 bbl/d)
OPEC member and Africa's largest producer, Nigeria has occupied this position for quite a long time now. With proven reserves of 37.1 billion barrels, it is the continents second largest and makes up 2.2% global total proven reserves. Production in the country has been hit by waves of illegal oil bunkering which is estimated to cost the country about $5 billion in revenue every year.
The national oil company is the Nigeria National Petroleum Corporation (NNPC) which oversees the operations and regulations in the country's petroleum sector. The country is the eight largest exporter of crude oil in the world.
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