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Insight & Analysis - February 24, 2022

5 African Countries with the Least Oil Reserves

Nigeria dominates with the highest oil reserve of 36.9 billion barrels, while Libya comes second with 48.4 billion barrels due to instability in production. 

In 2021, 47 African countries, had an average of 1.3 billion barrels. Nigeria had the highest value of 36.89 billion barrels, while Botswana had the least oil reserves with no revenue.

According to Statista, Libya continues to lead the list with 48.4 billion barrels, Nigeria has 36.9 billion barrels, and Algeria is third with 12.2 billion barrels.

Nigeria, on the other hand, remains Africa’s top producer, since Libya continues to confront production issues as a result of the instability that has wrecked the nation in recent years.

The analysis further showed that Angola alongside the top producers on the list with 7.8 billion barrels of reserves, Sudan succeded with 5 billion, Egypt has 3.3 billion, Congo Brazzaville followed behind with 2.9 billion, Uganda had barrel produce of 2.5 billion, Gabon had 2 billion, Chad 1.5 billion, Equatorial Guinea 1.1 billion, and Ghana has 700 million barrels of reserves.

Trailing the high earners on the list is Tunisia with 400 million barrels, Cameroon with 200 million, Congo Kinshasa with 200 million, Niger has 200 million, and Cote d’Ivoire has 100 million, despite recently announcing a “large” offshore oil and gas project.

Africa’s total oil reserves were 127.3 billion in 2016, 127.1 billion in 2017, 128 billion in 2018, 125.3 billion in 2019, compared to 2021.

Here are 5 African countries with the least oil reserves.

1. Botswana

Botswana is ranked 131st in the world in terms of oil consumption, accounting for less than 0.01% of the global total of 97,103,871 barrels a day.

Botswana’s average oil production was below a billion barrels, the most recent estimate for 2021 is zero barrels. In 2021, the global average, of 8.87 billion barrels of 187 countries can be compared to Botswana’s average.

 

2. Rwanda

Rwanda’s average oil stands at zero barrels. Rwanda imports all of its petroleum products from overseas due to a lack of domestic manufacturing. In Rwanda, 23 million litres of petroleum are consumed each month.

This accounts for almost 20% of total national imports and has been gradually increasing over the previous five years, with an average yearly rise of 12%.

3. Seychelles

Although multinational firms are prospecting for petroleum offshore, the country does not currently produce commercially viable oil, gas, or minerals. A commercially feasible discovery may have a huge impact on a country with a population of roughly 90,000 people and a tourism and fishing-based economy.

Extractive Industries Transparency Initiative (EITI) reporting can provide valuable information to Seychelles’ emerging oil sector, such as environmental concerns linked with offshore oil exploration and production.

4. Malawi

Malawi ranks 171st in the world in terms of oil consumption, consuming roughly 0.006% of the global total of 97,103,871 barrels per day.

Malawi uses 0.01 gallon of oil per person per day, or 5 gallons per person per year.

Although the government is encouraging investment in petroleum and minerals such as graphite, the country is a small producer of uranium, diamonds, coal, and construction materials.

Some people are concerned about the sector’s environmental effect, benefit sharing, and license awards, notably in relation to oil development near Lake Malawi.

Malawi is using the EITI to help stakeholders in the mining, oil, and gas industries develop trust.

5. Swaziland

Eswatini is ranked 175th in the world in terms of oil consumption, accounting for around 0.005% of the global total of 97,103,871 barrels per day. Eswatini uses 0.20 gallons of oil per capita per day, or 73 gallons per year.

There are no known oil reserves in Swaziland. As, a result, all petroleum products are imported.

From 177 kilo tonnes of oil equivalent (ktoe) in 2000 to a rise of 297 ktoe in 2021, net imports have risen steadily. In addition, fossil fuels provided 54 percent of the electricity generated in 2015.

 

 

READ MORE: Top 7 Privately Owned Oil Refineries in Africa

 

 

 

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