No. 10 on our list is South Africa, which produces about 191,000 barrels per day. That said, this isn’t enough to register above 0% on the World Bank’s latest oil rents list (this is the difference between the value of crude oil production at world prices and the total cost of production), which means oil isn’t fueling one of Africa’s richest economies — other industries are. All oil produced in South Africa stays in South Africa at this point, and the country currently operates a oil deficit, meaning it must import oil from other nations.
Gabon is the ninth-largest producer of oil in Africa, drilling for about 241,700 barrels of oil daily. Although this per-diem number isn’t much higher than South Africa’s, it accounts for 44.1 percent of Gabon’s oil-rent gross domestic product.
No. 8 on our list is the Republic of Congo, which produces about 274, 400 barrels of oil per day. This accounts for 71 percent of the country’s GDP, up from 53.6 percent in 2009.
Equatorial Guinea is No. 7 on our list producing about 346,000 barrels of oil per day. Oil is a major part of this coastal West African nation’s economy, accounting for 51 percent of its GDP.
Africa’s sixth-largest oil producer is Sudan, which pumps out about 487,000 barrels a day. Sudan’s oil production only accounts for 4.9 percent of its GDP from oil rents, which is way down from 16.7 percent in 2009, likely due to the civil war.
Producing 680,000 barrels of oil per day, Egypt is the fifth-largest producer in Africa, with the main reserves in the Gulf of Suez, the Eastern and Western deserts and the Sinai Peninsula. The country has an oil pipeline. Oil accounted for 8 percent of Egypt’s GDP according to World Bank’s oil rents in 2012, the latest year for which data has been released.
Libya produces about 1.7 million barrels of oil daily and exports a large amount of it. According to the World Bank, oil accounts for 52.3 percent of Libya’s GDP, up from 42.3 percent in 2009 and expected to rise this year.
Angola produces 1.9-million barrels of oil daily, making it the world’s seventh-largest oil producer and No. 3 in Africa. Oil rents in Angola account for 42 percent of the country’s GDP with gas being its other main economic driver.
Algeria produces about 2.1 million barrels a day making it No. 2 on this list. Oil rents account for 17.1 percent of Algeria’s economy after natural gas and hydrocarbons. Algeria ranks 16th in the world for oil reserves. Accidents do happen, as this picture of an exploding rig in Algeria shows.
The world’s fourth-largest oil exporter and the No. 1 in Africa, Nigeria produces about 2.2-million barrels per day. Oil accounts for 15.3 percent of the country’s GDP, down from 22.4 percent in 2009.
