The Africa upstream oil industry is key to the continent and is seeing an increase in activity and as well as production.
According to some research, roughly two years ago Africa had proved oil reserves amounting to 132.438 billion barrels which is equivalent to 41.2 years of current production and 8.01 % of the world’s reserves. The Africa upstream oil industry produced an average of 8804.4 barrels of crude oil on a daily basis in 2011 which equates to 10.44% of the world and a change of -12.7 % compared to 2010.
Did you know that merely five countries dominate the Africa upstream oil industry production? Together they account for 85% of the continent’s oil production and are, in order of decreasing output, Nigeria, Libya, Algeria, Egypt and Angola. Other oil producing countries are Gabon, Congo, Cameroon, Tunisia, Equatorial Guinea, the Democratic Republic of the Congo, and Cote d’Ivoire. Exploration is taking place in a number of other countries that aim to increase their output or become first time producers. Included in this list are Chad, Sudan, Namibia, South Africa and Madagascar while Mozambique and Tanzania are potential gas producers.
According to the 2012 BP Statistical Energy Survey, Africa consumed an average of 3336.47 thousand barrels a day of oil in 2011, 3.9% of the world and a change from 2010 of -1.4%.
According to the same survey, Africa had 2011 proved natural gas reserves of 14.53 trillion cubic metres, 6.97% of the world and equivalent to 71.7 years of current production while 2011 natural gas production of 202.65 billion cubic metres, a change of -5.1% versus 2010 and equivalent to 6.17% of the world total. Africa had 2011 natural gas consumption of 109.8 billion cubic metres, 3.4% of the world total.