Africa’s proven oil reserves have grown from 57 billion barrels in 1980 to 124 billion barrels in 2012 with an additional 100 billion barrels estimated to be offshore. Four of the top 20 countries with the most proven oil reserves are African, namely Libya, Nigeria, Algeria and Angola and together they account for 6.5% of the world’s total oil reserves. It is further estimated that in Sub-Saharan Africa alone, crude oil production will grow from 7.4 million barrels per day (bpd) in 2013 to 8.8 million bpd in 2020 with Nigeria as the region’s top exporter (est. 2.34 million bpd). Read more here…
