5 African Countries with increased oil and gas exploration
Crude oil exploration is a source of significant revenue in Africa via trade and investment since its discovery in the mid-19th Century. Crude oil has bolstered the continent’s economy and improved the well-being of the citizenry. Historically, Africa has suffered from conflicts due to uneven redistribution of crude oil revenue and severe environmental pollution.
Advancements in geophysical survey techniques, such as magnetic and gravity methods, to seismic methods, have made the commercial exploration of crude oil possible for some other countries in Africa. In this article, we examine 5 African countries with increased oil and gas exploration.
1 . NIGERIA
Nigeria produced more than 1.9 million barrels of oil per day in 2014 to rank as the 11th-largest oil producer in the world. The country produced around 2 million barrels per day between 2015 and 2019. Fluctuations in annual oil production, especially since 2005, can be attributed partly to security problems connected to violent militant groups in the country.
Nigeria is home to the second-largest proven oil reserves in Africa. Exploration of oil in Nigeria despite these figures is on the rise as of 2021.
2 . ANGOLA
Angola produced over 1.4 million barrels of oil per day in 2019, continuing a trend of declining production. Initially, the country was producing around 1.8 million barrels per day in 2015, but output decreased steadily during the rest of the decade. This decline was partly due to a cut that the nation agreed to as a member of the Organization of Petroleum Exporting Countries (OPEC).
Angola offers access to abundant offshore and deep-water oil reserves in the South Atlantic. Exploration of oil increases despite these figures being on the rise.
3 . ALGERIA
Algeria produced approximately 1.3 million barrels of oil per day in 2019 to maintain its position among the top tier of African oil producers. However, production increased substantially since 2012, when Algeria’s output was almost 2.7 million barrels of oil per day. Algeria also exports substantial amounts of natural gas, most of which go to Europe.
4 . LIBYA
Libya produced almost 1.2 million barrels of oil per day in 2019, up more than 100% since 2016. This fantastic increase was primarily the result of a temporary reduction in armed conflict within the country. Furthermore, Libya was exempt from the 2016 OPEC production cuts because output had already fallen from 1.7 million barrels per day in 2010. Unfortunately, production fell dramatically in early 2020 as the civil war in Libya intensified. Now that there is a decrease in the tensions, exploration has started massively.
5 . EGYPT
Egypt produced about 630,000 barrels of oil per day in 2019, with output remaining remarkably steady. The country became much more stable between 2014 and 2019. Egypt is also the largest oil producer in Africa that was not a member of OPEC. On the other hand, the government’s pro-market reforms reduced subsidies for the oil industry.
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