African countries that extract oil in large quantities
Crude oil has been a major revenue contributor so most African economies. Crude deposits are abundant across the continent. There are about 125.3 billion barrels of crude reserves on the continent. The following countries are those that extract oil in large quantities Libya, Nigeria, Angola, Uganda, Gabon, Chad, and some other countries.
1 . NIGERIA
Nigeria is leading the pack when it comes to extraction of oil in Africa it is also the 11th largest producer of oil in the world. The Nigerian National Petroleum Corporation (NNPC) is a state-owned organization that is responsible for controlling the oil and gas sector of the country as well as developing its asset.
The NNPC depends on international oil companies for their expertise in extracting the oil. Also, the NNPC has collaborated with other private firms to extract the oil.
However, the NNPC will be the major owner of what is extracted. This type of collaboration can often be amended to provide the right incentives to the private firms. Some of the international oil companies you can find in Nigeria includes Exxon Mobil, Shell, Total, and Eni.
2 . ANGOLA
The country used to produce about 1.4 million barrels of oil per day in 2019 but started declining in production due to a cut that the nation agreed to as a member of the Organization of Petroleum Exporting Countries (OPEC). The country has a lot of oil reserves in the South Atlantic. Angola’s state-owned company Sociedade Nacional de Combustiveis de Angola was responsible for all oil and gas developments in the country. Until the president at the time formed a new regulatory body Agência Nacional de Hidrocarbonetos e Biocombustìveis (ANHB) to oversee the affairs of oil and gas. Some of the international oil companies in Angola are Exxon Mobil, Total, Statoil and Eni.
3 . ALGERIA
They also produced an estimated 1.3 million barrels of oil per day in 2019 to remain a part of the top producers of oil in Africa. Due to a cut made by OPEC and a lack of investors, their production started declining. The country also exports a large amount of natural gas to most European countries. Algeria’s state-owned oil and gas company is Enterprise Nationale Sonatrach.
4 . EGYPT
Egypt is also one of the largest oil producers in Africa but isn’t a member of OPEC. The country collaborates with other international oil companies in the production of oil be it onshore or offshore. The regulatory institution that sees to the oil production in the country is the Egyptian General Petroleum Corporation (EGPC).
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