Africa’s oil giants: The top 10 countries by reserves in 2024

Africa plays a crucial role in the global oil market, with the continent holding a significant portion of the world’s proven oil reserves. Africa’s oil reserves represent approximately 7.5% of the global total, serving as an essential energy source for both the continent and international markets.

The oil industry is a key component of economic growth in many African countries, contributing substantially to GDP, government revenues, and foreign exchange earnings.

Despite global oil price fluctuations, Africa’s oil production continues to be important in meeting the increasing energy needs of its population, expected to reach 1.7 billion by 2030, as well as fulfilling international demand.

The continent’s oil reserves are distributed across various regions, with ongoing investments in exploration and infrastructure aimed at optimising production and ensuring long-term energy security.

As global energy markets shift, Africa’s status as a significant oil producer remains a pivotal factor in shaping its economic landscape and its role in the international arena.

Africa has approximately 125.3 billion barrels of proven oil reserves. These resources are fundamental to the continent’s economic development and are critical to the global energy supply.

Nigeria holds around 37 billion barrels of proven oil reserves. The oil industry is a key part of Nigeria’s economy, accounting for over 80% of the country’s export earnings.

Nigeria’s oil production is approximately 2.5 million barrels per day, and the country also has substantial natural gas reserves, estimated at 209.26 trillion cubic feet.

According to the Global Firepower report, here are the top 10 African countries with the largest oil reserves

Libya holds the largest reserves in Africa with around 50 billion barrels, followed by Nigeria and Algeria. The continent’s oil production reached nearly 8.4 million barrels per day in 2019, with the oil sector playing a vital role in the economies of many African countries, such as Angola, where it contributes nearly 40% to the GDP.

Nigeria follows with 37 billion barrels of oil reserves, placing it 11th in the world. As the largest oil producer in Africa, Nigeria’s reserves are primarily located in the Niger Delta. The oil sector is a major component of the country’s economy, significantly impacting its GDP and export earnings.

Algeria holds the third-largest oil reserves in Africa, with 12.2 billion barrels. Globally, it ranks 16th. Algeria’s oil is a crucial part of its economy, contributing to both government revenue and export income. The country’s oil fields are mainly located in the Sahara Desert.

Angola with 7.785 billion barrels of oil reserves, ranks fourth in Africa and 19th globally. Angola’s oil industry has seen substantial growth since the end of its civil war, making it one of the continent’s leading oil producers. The majority of its reserves are found offshore.

Sudan is fifth in Africa, possessing 5 billion barrels of oil reserves, and ranks 23rd globally. Sudan’s oil reserves are a significant part of its economy, although the country has faced challenges in fully capitalizing on these resources due to conflict and political instability.

South Sudan, a relatively new country, ranks sixth in Africa with 3.75 billion barrels of oil reserves. Globally, it is positioned 26th. South Sudan’s economy is heavily dependent on its oil industry, though ongoing internal conflict has impacted production levels.

Egypt comes in seventh with 3.3 billion barrels of oil reserves, ranking 28th globally. Egypt’s oil reserves are a key component of its energy sector, supporting both domestic consumption and export markets. The country’s oil fields are mainly located in the Western Desert and the Gulf of Suez.

Republic of Congo holds the eighth position in Africa with 2.882 billion barrels of oil reserves, ranking 30th globally. Congo’s oil industry is a major contributor to its economy, with most reserves found offshore.

Uganda ranks ninth in Africa, with 2.5 billion barrels of oil reserves, and is 33rd globally. Uganda’s oil reserves are relatively new discoveries, and the country is still developing its infrastructure to begin large-scale production.

Gabon completes the top ten list with 2 billion barrels of oil reserves, ranking 38th globally. Gabon’s oil industry has been a cornerstone of its economy for decades, with reserves located primarily offshore.