Africa is an indispensable power house when it comes to oil as it is responsible for 12 percent of the world's oil reserves and 11 percent of production.
Africa's role in this sector is significant as the growth rates of the explored deposits and the scale of production have remarkably increased.
The proximity and convenience of transportation of the oil to the largest consumers, such as the USA and Brazil has favoured oil producing countries in the region.
According to analytics,in countries such as Nigeria, Algeria and Angola, over the past ten years oil production up to 43 percent. This is credited to the major advances of technology. Top oil producing countries in Africa
Africa has four main countries that boost of major oil production: 1. Algeria
Certainly one of the most promising oil- producing countries in West Africa, the oil sector of this country made a significant leap. With the help of foreign investors, Algeria was able to open the largest deposit in Ghadames.
New technologies led to a production increase of up to 65%. 2. Angola
Following the aftermath of the civil war, there is a significant oil boom. The country owns half of dozen of very large deposits.
The exploration of oil deposits in the north of Angola is exceptionally successful. The growth of oil production is so rapid that the state company Sonangol is apparently not keeping up with these rates. The oil production in Angola is estimated to reach 2 million barrels a day.3. Libya
Data has it that this country has explored its reserves of 30 billion barrels. But due to international sanctions and security problems in the country, the production is at a slow pace. Libya has one of the largest oil reserve, it is estimated at 48 billion barrels. 4. Nigeria
After a slight decline, in June 2016 Nigeria oil production increased by to to 1.53 million barrels per day. The authorities attribute this to the fact that they were able to restore all the facilities of the oil infrastructure after the attacks of the rebels and militants. It took four months to restore the terminal.
Nigeria is currently looking for ways to attract new investments in oil projects. Oil producing states in Nigeria
Oil is certainly the backbone of the Nigerian economy and the country in general. The oil from this country is of high quality.
The extraction is carried out mainly in the swampy areas of the Niger Delta, as well as on the continental shelf but recently, extractive companies have focused on oil production at sea.
Analysis of oil producting states:
1. Akwa Ibom – 504,000 barrels per day
2. Delta – 346,000 bpd
3. Rivers – 344,000 bpd
4. Bayelsa – 290,000 bpd
5. Lagos – 40,000 bpd
6 .Edo – 33,000 bpd
7. Imo – 17, 000 bpd
8. Abia - 11,000
9. Ondo – 60,000 bpd
Which country among the top four producing african nations utilizes it's oil productibility most efficient? Which state producing oil in Nigeria has the best use of the money generated from it?