Top Five African Countries With Huge Oil Deposits

Africa is a land of resources, and harbors countries rich in oil deposits, among other resources as  diamond, gas, gold, Nickel, and uranium.  The resources if used in the right manner can help accelerate economic growth and development in the continent. Reason being energy forms an imperative input for social development as well as economic growth.  Additionally, a hike in oil prices affects terms of trade of the net oil importing countries, which leads to inflation as well as fall in buying power of households as well as firms. According to an African Development Bank Report 38 outa, 53 African countries are net oil importers.  Implying that 15 African countries are rich in oil deposits.  Here are the top five countries in the list:

1. Nigeria.

Nigeria is one of the richest country in Africa with enormous oil deposits.  In 2014, the country produced excess of 2.4 million barrels per day, and ranked 13 among the top countries with the largest oil reserves globally.  Oil reserves are the backbone of the country’s economy. The commodity exports earnings amounts to 80% of its total revenue.  Despite the fact that Nigeria holds large quantities of proven oil reserves in Africa, its exploration has been affected by insecurity issues associated with violent militant groups in the region. 

2. Angola

Angola is not only rich in oil reserves, but also gas with the gas and oils industries accounting to 45% of their G.D.P. The country produces more than 1.83 million barrels daily and excess of 89 million tonnes in a year. Unlike Nigeria, Angola oil is concentrated from deep-water oilfields offshore where most of the oil productions takes place. 

3. Republic Of Congo. 

Republic of Congo generates 277, 000 barrels a day as well as 14.5 tonnes a year. After a near depletion of its oil reserves 2001-2008, the country production initiated in the latter year. 

4. Equatorial Guinea.

As in 2014, Equatorial Guinea oil production stood at 13.5 million tonnes per year. The country still holds the a substantial oil reserves, and in 2017 it became a member of the O.P.E.C. (Organisation of Petroleum Producing Countries)

5. Gabon 

Gabon Joined O.P.E.C in 2016 with the country producing excess of 11.6 million tonnes of oil each year.  Even though this is the lowest production number ever registered of any O.P.E.C member, Gabon has approximately 274 million tonnes of untapped oil reserves. 

The above are the top five oil-producing countries in the continent. Nonetheless, Africa still face a bigger challenge in oil mining. Most of the countries’ state owned organization are unable to mine this resource. Thus, a number of international companies tasked with the mandate. Some stand to gain the most out of the oil mining. Political instabilities and several militant groups affect the process as well. 

By Samson Ogaye

Africa Global News Publication