Nigeria, Libya, Others on List of Countries With Highest Oil Reserve in Africa

• Oil continues to be an essential resource for economies worldwide, but particularly in Africa
• A lot of countries depend on oil for revenue collection, energy generation, and economic progress
• A report has highlighted Libya, Nigeria, Algeria and others as having Africa's greatest proven oil reserves

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Oil is still a vital resource for economies around the world, but especially in Africa, where a number of nations rely on it for economic growth, energy production, and revenue collection.

Libya, Nigeria, and Algeria are among the top countries on the continent, which has a sizable portion of the world's proven oil reserves. In both North and sub-Saharan Africa, oil extraction is essential because it draws in foreign capital, generates employment, and helps the governments make money.

Africa's greatest proven oil reserves continue to affect worldwide trade and energy regulations, as well as the region's place in the global energy market.

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The top ten African countries with the biggest proven oil reserves are listed below, per Global Firepower.

1. Libya

With more than 48.36 billion barrels of proven oil, Libya has the greatest oil reservoir in Africa. With the majority of its oil coming from fields in the Sirte Basin, the nation has long been one of Africa's top producers of oil.

2. Nigeria

Nigeria, the biggest oil producer in Africa, comes in second with proven oil reserves of around 37.89 billion barrels. The nation is still one of the world's top exporters of crude oil, and the oil industry is essential to its economy.

3. Algeria

Algeria has confirmed oil reserves of over 12.20 billion barrels. As one of Africa's leading energy exporters, the nation has built substantial infrastructure for both oil production and natural gas extraction.

4. Angola

Angola is one of Africa's biggest oil producers, with reserves of more than 7.78 billion barrels. With production mostly taking place offshore in the Atlantic Ocean, the nation's oil industry is a major contributor to its economy.

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5. South Sudan

With 3.75 billion barrels of oil reserves, South Sudan is a major player in the East African oil market. Although it faces difficulties because of continual hostilities, the nation's economy has relied heavily on oil output.

6. Egypt

About 3.30 billion barrels of oil are in Egypt's reserves. The nation is a major producer of natural gas and oil, with the majority of its reserves located in the Western Desert and the Gulf of Suez.

7. Republic of Congo

There are approximately 2.88 billion barrels of proven oil reserves in the Republic of Congo. In recent years, the nation's oil output has expanded substantially, with a primary concentration on offshore areas.

8. Uganda

The estimated amount of proved oil reserves in Uganda is 2.50 billion barrels. As the nation is ready to expand its oil business for future exports, the finding of oil in the Lake Albert region has attracted a lot of attention.

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9. Gabon

There are over two billion barrels of oil in Gabon's reserves. The nation continues to be a significant oil exporter in Central Africa, even if output has decreased over time.

10. Chad

Chad has proven oil reserves of 1.50 billion barrels. Even though it produces less oil than other African countries, the sector is vital to the national economy.

FG announces addition of over 1 billion barrels of crude oil

Legit.ng reported that the Nigerian Upstream Petroleum and Regulatory Commission (NUPRC) announced on Monday, April 15, 2024, that Nigeria’s hydrocarbon reserves have jumped by 1.087 billion barrels, and gas reserves have increased by about 2.57 trillion cubic feet.

Nigeria now boasts about 37.5 billion crude oil reserves, with a total gas resource of 209.26 trillion cubic feet.

The chief executive of NUPRC, Gbenga Komolafe, announced this during an event and explained that the reserves' lives also stand at 68.01 years and 97.99 years for oil and gas, respectively.

Source: Legit.ng