Richest economy in Africa

What are the top oil producing countries 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. The potential could be much more with very little exploration being done due to a number of reasons ranging from political to development based. The oil industry in Africa has been racked by a lot of challenges that have been a major hindrance to the production of oil. 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. There are many more oil producers in the country but the quantities of the oil determine their placing.

South Africa

Top ten from the bottom is South Africa producing about one hundred and ninty one thousand barrels of oils each and every 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.

Gabon

Gabon is the ninth biggest producer of oil in Africa. The country produces about 241, 700 barrels of oil each and every day.

The Republic of Congo

The eighth biggest producer of oil in Africa is the Republic of Congo. The country produces about 274, 400 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.

Equatorial Guinea

The seventh biggest producer of oil in Africa is Equatorial Guinea producing about 346, 000 barrels each and every day. Oil makes a big part of the economy in this part f the world with most oil rings just off the coast.

Sudan

Sudan is the sixth biggest producer of oil in Africa. Producing about 487, 000 barrels a day, 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.

Egypt

Egypt is the fifth best producer of Africa. They produce 680, 000 barrels per day. The main spots of production are the Gulf of Suez, the Eastern desert, the Western Desert and the Peninsula of Sinai. They have also invested in a pipeline that runs from the Gulf of Suez to the city of Sidi Kerir. Oil is one of Egypt’s biggest supports for the economy with the pipeline making for easy transportation and making more for the nation.

Libya

Libya produces about 1.7 million barrels every day exporting about 1.2 of the total. Libya has seen a lot of change since the fall of Gadaffi the leader and dictator. There has been a war between the rebels and the government forces though subsiding making this country a stable nation for investors. The political change has affected the oil companies positively and more is expected to be derived from the large investment grounds.

Angola

Angola is the third top producer in Africa and their 1.9 million barrels each and every day places them seventh in the world. Oil and gas holds Angola’s economy. Many foreign investors have ventured into the business with the government giving a pliable platform that has built the economy making Angola one of Africa’s richest countries.

Algeria

Algeria comes second in Africa producing about 2.1 million barrels a day. It has also had its share of problems with the president firing the CEO due to scandal claims. Sonatrach is owned by the state explaining the action by the president. Algeria had flaunted oil reserves holding about 12.2 billion barrels of oil in the year 2010. This is a massive amount equaling about 18 years of the worlds production.

Nigeria

Nigeria is Africa’s biggest oil producer with about 2.2 million barrels being produced a day. This makes them the number fouth world exporter of oil. The industry has however been racked with a lot of problems which has also affected the effect of the oil industry on the country. Many oil producing countries are way ahead of Nigeria which has left many wondering. The Royal Dutch Shell is currently facing a one hundred million dollars fine from the Nigerian government due to an oil spill. Militants have also gotten into the business cutting into the production and slowing down production exponentially. This has also led to the death of a number of people in the whole saga making it a hot spot area.

Conclusion

Oil remains one of the most prestigious commodities in the world. The truth of the matter though is that Africa remains largely untapped for oil. The idea for most for the countries is to be able to create a safe haven for investors something that has been a problem in countries with a great promise. The Continent holds some of the biggest reserves of oil, gas and minerals in the world. How many more countries will venture into the business? Only time will tell with more prospects going into research of oil. The amount that goes into the drilling and the research is no small feat which has also been a major problems with investors going for the sure targets as compared to new spots in the continent.