﻿Top 5 oil producing countries in Africa. The top five oil producing countries
in Africa equally among the top 30 oil-producing countries in the world,
have immensely contributed to the continent’s output of about 9.6 percent of the world’s
total output. In 2019, Africa has experienced a decline in the production of oil since 2005.The
major production declines were attributed to lower global oil prices. However, 2015 to 2019
saw a more stabilized output period but before it could be celebrated, the Covid-19 pandemic stroke.
This resulted in a production dispute between two oil giants – Russia and Saudi Arabia
at the onset of 2020 – dramatically resulting into reduced oil prices and affecting the global
oil pricing and production. As a result, future levels of oil production in Africa
and around the world have remained highly uncertain. Oil Producing Countries in Africa
have relied on crude oil exports for large portion of their revenue. They have since
been greatly affected by the situation. Here is a list of top Oil Producing Countries in Africa.
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our new videos 5. Egypt
Egypt’s output has remained notably steady with an oil production of about 630,000 barrels per
day in 2019. The largest oil producer in Africa, though not a member of OPEC,
witnessed a remarkable stability between 2014 and 2019. Government’s pro-market reforms
reduced subsidies for the oil industry. Egyptian government has worked to make the country more
attractive to foreign investment by implementing investor friendly reforms like reducing subsidies
to EGPC and reducing the amount of payments in arrears to international oil companies. Egypt’s
state-owned oil company, Egyptian General Petroleum Corporation (EGPC), partners with
several international oil companies like Eni and BP in offshore and onshore production operations.
4. Libya Libya produced almost 1.2 million barrels
per day in 2019, a 100% increase since 2016. The eccentric increase was primarily attributed to
a temporary truce among warring groups in the country, and an exemption from OPEC production
cuts in 2016. As of early 2020, civil war in Libya intensified and production fell drastically.
Regardless of its challenges, the nation holds the largest proven reserves of oil in Africa.
Libyan oil production was active with the presence of international oil companies before
the conflicts. Unfortunately, much cannot be said of the future of oil production and exploration in
Libya until lasting stability is realized. 3. Algeria
With a production of about 1.3 million barrels of oil per day in 2019, Algeria remains one of
the top level oil producers in Africa. However, production has substantially reduced since 2005
when Algeria’s output was almost 1.7 million barrels per day. Production-cut agreement among
OPEC members and a lack of investors has played a major role in the nation’s declining oil output.
Sonatrach is the dominant oil company in Algeria. Other companies operating in the country include
BP, Total, and Exxon Mobile. 2. Angola
Angola produced approximately 1.4 million barrels of oil daily, in 2019 in a declining production
trend from around 1.8 million barrels per day in 2015. The decline is attributed partly to
a production-cut agreement among OPEC, OPEC+ and G20 stakeholders that Angola agreed to.
Angola has abundant offshore and deep-water oil reserves in the South Atlantic. Some significant
international oil companies have explored and operated the Angola reserves. They include; China
National Offshore Oil Corporation (CNOOC), Total, BP, Chevron, Eni, Exxon Mobil, and Statoil.
1. Nigeria Africa’s largest oil producer,
Nigeria and home to the second-largest proven oil reserves in Africa, produced more than 2.5 million
barrels per day between 2015 and 2019. The country whose oil reserves stand at 37 billion barrels
is among the top 10 largest oil producer in the world. Oil exploration efforts in some oil rich
regions have been delayed by insecurity linked to terrorist groups in the country.
According to EIA, the unstable annual oil production since around 2005
can be attributed partly to the security problems. Exxon Mobil, Eni, Chevron, Total and Shell are
some of largest global oil companies operating in Nigeria but regulated by the state-owned Nigerian
National petroleum Corporation (NNPC) The oil industry is very important to
Africa because oil is one of the major export commodities. That being said for Africa to
maintain its oil reserves Africa countries should try to diversify their economies.
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