Currently, there are 500 companies that are participating in Africa's hydrocarbon exploration.
1. Angola
Angola is one of the largest oil producers in Africa. It produces an averages of 1.9 million barrels per day. Internationally, Angola ranks seventh and this shows that they are a powerhouse when it comes to oil production. This has greatly improved Angola's economy coupled with the fact that they also have well-established platforms that encourages investors into the oil industry.
2. Nigeria
Nigeria has a very high rate of production and a force to reckon with in the oil production industry. Nigeria has the largest 2nd oil reserves. The country produces oil of high quality and is quite popular with European and US refiners.
3. Algeria
Algeria another big player in Africa and according to sources, by the end of 2012 Algeria had an estimated 12.2 barrels of oil reserves. Though Algeria faces a number of challenges both politically and economically, it is still able to produce an average of 12.1 million barrels per day.
4. Libya
It is not a chance that the Libyan economy is among the most hydrocarbon dependent. Even by facts, the oil and gas industry does account for almost 70% of its GDP, approximately 97% of the export earning, and about 90% of fiscal revenues. Libya produces an average 1.7 million barrels daily.
5. Egypt
For a while now Egypt's oil production had been declining, an offset being the development of the natural gas industry, which since this period the natural gas production has increased enough to cater for the ever-increasing consumption level, it is still among the top oil-producing countries in the continent.
6. Sudan
At the sixth spot in Sudan. It manages to produce about 487,000 of oil per day. Oil is definitely one of the biggest economic activities of Sudan. Though it ranks up with the top, the country has not been able to fully tap into the oil industry well with so many societal issues always arising that recently caused the country to separate into two different nations.
7. Equatorial Guinea
This great country is at the seventh spot closely on the tail of Sudan. The country's oil rings are placed off the coast making exportation quite easy. The industry supports a good share in the economy while producing an average of 346,000 barrels per day.
8. The Republic of Congo
It is true that the republic of Congo faces an unfortunate number of government and economic challenges, it still manages to produce amount of oil to be able to appear in the top ten oil rich countries.
9. Gabon
Gabon is able to produce an average of 241,700 barrels of oil in a day. Unfortunately, Gabon's mainland is covered by the rainforest and its offshore geology is very complex among the issues that have led to the slow increase in the production of oil. They are still a country rich in oil and have a potential for growth if well harnessed and technology is embraced at full scale.
10. South Africa
Producing an average of 190,000 barrels of oil per day, South Africa is among the richest African economies and highest oil producing countries in Africa. Due to the country's stable economy, the oil industry has seen tremendous increment compared to when it began.
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