Oil remains a key resource for economies globally, particularly in Africa, where several countries depend on it for revenue generation, energy production, and economic development.
The continent holds a significant share of the world’s proven oil reserves, with Libya, Nigeria, and Algeria among the leading nations. Oil extraction plays a central role in both North and sub-Saharan Africa, attracting foreign investment, creating jobs, and contributing to government revenues.
Countries with the largest proven oil reserves in Africa continue to shape the region’s position in the global energy market and influence international trade and energy policies.
Read also: Africa’s oil giants: The top 10 countries by reserves in 2024
According to Global Firepower, Here are the top 10 African nations with the largest proven oil reserves
1. Libya
Libya holds the largest oil reserve in Africa, with over 48.36 billion barrels of proven oil. The country has long been a major oil producer in Africa, with most of its oil extracted from fields located in the Sirte Basin.
2. Nigeria
Nigeria, Africa’s largest oil producer, ranks second with nearly 37.89 billion barrels of proven oil reserves. The country’s oil sector is central to its economy, and it remains one of the top exporters of crude oil in the world.
3. Algeria
Algeria holds more than 12.20 billion barrels of proven oil reserves. The country has developed significant infrastructure for both oil production and natural gas extraction, which supports its position as one of the top energy exporters in Africa.
Read also: Top 10 countries with the largest proven oil reserves
4. Angola
With over 7.78 billion barrels of oil reserves, Angola is one of Africa’s largest oil producers. The country’s oil industry plays a vital role in its economy, with production primarily occurring offshore in the Atlantic Ocean.
5. South Sudan
South Sudan holds 3.75 billion barrels of oil reserves, making it a key player in East Africa’s oil sector. The country’s oil production has been central to its economy, though it faces challenges due to ongoing conflicts.
6. Egypt
Egypt’s oil reserves total approximately 3.30 billion barrels. The country is a significant producer of both oil and natural gas, and its reserves are concentrated in the Gulf of Suez and the Western Desert regions.
Read also: Top 10 African countries with largest crude oil import
7. Republic of Congo
The Republic of Congo holds around 2.88 billion barrels of proven oil reserves. The country has steadily increased its oil production in recent years, primarily focused in offshore fields.
8. Uganda
Uganda’s proven oil reserves stand at approximately 2.50 billion barrels. The discovery of oil in the Lake Albert region has generated considerable interest, as the country prepares to develop its oil industry for future exports.
9. Gabon
Gabon’s oil reserves total about 2.0 billion barrels. Despite a decline in production over the years, the country remains an important oil exporter in Central Africa.
10. Chad
Chad holds 1.50 billion barrels of proven oil reserves. While its oil production is smaller compared to other African nations, the industry plays a crucial role in the country’s economy.
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