In the face of global energy shifts, Africa is no longer just a source of raw materials; it is becoming a driving force in the world’s energy future. With countries like Nigeria, Angola, and Libya holding some of the largest untapped oil reserves, the continent is poised to reshape the global oil market. Africa’s oil producers are not only powering local economies but also positioning the continent as a key player in the energy transition. Despite challenges such as political instability and outdated infrastructure, Africa’s oil sector is experiencing a transformation—ushering in new opportunities for growth, investment, and influence. As global demand for energy continues to rise, Africa’s role as a leading oil producer is more critical than ever, and the continent’s future in the global energy conversation looks increasingly promising.
Top Oil-Producing Countries in Africa
Nigeria: Africa’s Largest Oil Producer
Nigeria is the largest oil producer in Africa, with an average daily output of 1.61 million barrels per day (mbpd) as of July 2024. The country’s oil production is regulated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which oversees the exploration, development, and production of crude oil and natural gas. In 2023, Nigeria regained its position as Africa’s leading oil producer, achieving a rate of 1.35 million barrels per day (bpd) in September. With new investments in exploration and production (E&P) and efforts to combat oil theft, Nigeria’s oil production is expected to grow further.
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Angola: The Second-Largest Oil Producer
Angola is Africa’s second-largest oil producer, with a production capacity of approximately 1.16 million barrels per day (bpd) in 2022. The country’s oil output is projected to increase, driven by new exploration campaigns and policy reforms. Angola holds proven oil reserves of over 9 billion barrels, and production is expected to rise as new fields are developed and existing ones expanded.
Libya: The Third-Largest Oil Producer
Libya is the third-largest oil producer in Africa, with a production capacity of around 946,000 barrels per day (bpd) in 2022. Its oil production is supported by substantial proven reserves, estimated at 46.4 billion barrels. However, political instability and infrastructure challenges have affected output. Despite these issues, Libya is expected to continue playing a significant role in Africa’s oil sector.
Algeria
Algeria is Africa’s fourth-largest oil producer, with a production capacity of approximately 970,000 barrels per day (bpd) in 2022. The country’s oil production is driven by large proven reserves and its strategic location in the Mediterranean region.
Egypt
Egypt’s oil production stands at around 556,440 barrels per day (bpd), driven by ongoing exploration and the development of new fields. With the discovery of new oil reserves and the expansion of existing ones, production is expected to grow further.
Republic of the Congo
The Republic of the Congo’s oil production is expected to increase as new fields are developed and existing ones expanded. In 2022, the country had a production capacity of about 275,000 barrels per day (bpd). The Republic of the Congo benefits from its strategic location in the Gulf of Guinea and its large proven oil reserves.
Gabon
Gabon’s oil production has decreased in recent years, but the country is working to increase exploration and expand output. Its production capacity stands at around 195,000 barrels per day (bpd). Gabon’s oil production is driven by its location in the Gulf of Guinea and substantial proven reserves.
Ghana
Ghana’s oil production is supported by the development of fields such as the Jubilee and Tweneboa Enyenra Ntomme (TEN) oilfields, with a production capacity of around 172,000 barrels per day (bpd). With new oil reserves discovered and ongoing field expansions, production is expected to grow.
OPEC Member Countries
Africa is home to six OPEC member countries:
Algeria:
A founding member of OPEC, Algeria plays a key role in the organisation’s decision-making processes. With 12.2 billion barrels of proven oil reserves, Algeria exports 540,000 barrels per day (bpd) of its total production of about 1.1 million bpd. In November 2024, Algeria’s crude oil production averaged 908,000 bpd.
Angola:
Angola joined OPEC in 2007 but exited on 1 January 2024 due to disagreements over production quotas. Despite this, Angola remains a significant oil producer in Africa, with estimated reserves of 9 billion barrels. Its crude oil production remained steady at around 1.1 million bpd in November 2024.
Libya:
Libya has been an OPEC member since 1962 and plays a vital role in the organisation’s oil production. Libya’s crude oil production rose to about 1.238 million bpd in November 2024, up from 1.097 million bpd in October. Oil is the cornerstone of Libya’s economy, contributing significantly to government revenues and export earnings.
Nigeria:
Nigeria, a member since 1971, is one of OPEC’s key African members. The country cemented its position as Africa’s top oil producer in November 2024, increasing production to 1.48 million bpd. Despite challenges such as crude theft and pipeline sabotage, Nigeria aims to achieve a production target of 2.06 million bpd.
Gabon:
Gabon initially joined OPEC in 1975, left in 1994, and re-joined in 2016. In November 2024, Gabon’s oil production remained steady at 0.23 million bpd, surpassing its OPEC target of 0.17 million bpd. Variations in Gabon’s production are significant for its oil-dependent economy.
Equatorial Guinea:
Equatorial Guinea became a member of OPEC in 2017 and contributes to the organisation’s production. Its oil production reached 0.06 million bpd in November 2024, a 20% increase compared to 0.05 million bpd in October. However, it did not meet its OPEC-implied target of 0.07 million bpd.
It should be noted that while the Republic of the Congo is an oil producer in Africa, it is not listed among OPEC’s member countries in recent contexts. This discrepancy may arise from outdated information or specific conditions surrounding its membership. If confirmed as a member, the Republic of the Congo would make a significant contribution to OPEC’s oil production and decision-making processes, given its output levels.
Challenges and Opportunities in Africa’s Oil Industry
Africa’s oil industry faces several challenges, including oil theft, pipeline vandalism, infrastructure issues, and regulatory hurdles. These factors impact the profitability and sustainability of production in some countries. However, Africa’s oil sector also presents significant opportunities for growth. The rising global demand for energy, coupled with new discoveries of oil reserves, is attracting investment and driving sectoral growth.
Conclusion
Africa’s oil-producing countries are integral to the global energy market. Nigeria, Angola, and Libya lead the way, with Algeria, Egypt, and the Republic of the Congo also making notable contributions. Despite existing challenges, the opportunities for growth and development in Africa’s oil industry are considerable. As global energy demand continues to rise, Africa’s oil-producing nations are well-positioned to capitalise on this trend and foster further economic growth.
