Africa has proven crude oil reserves of 125.3 billion barrels of oil, which at the current rate of extraction of around 6.9 million barrels a day, will run out in around 20 years.According to Statista, the proven reserves dropped from 125.8 billion barrels to 125.3bn between 2020 and 2021.Libya has the largest reserves of 17 oil-producing states, at 48.4bn barrels, or 48% of the total.Nigeria is next at 36.9bn barrels (29%), followed by Algeria (12.2bn barrels) and Angola (7.8bn b a r r el s).Scraping the barrel at the bottom of the list is Côte d’Ivoire on 0.3bn barrels.While it has the second-largest oil reserves, Nigeria was the leading African oil producer in 2020.With a maximum crude oil production capacity of 2.5m barrels per day, Nigeria is the sixth-largest oil producing country in the world.The country exported more than two million barrels of oil daily to the international market in 2019.Next were Angola (1.31m) and Libya (1.03m barrels a day).Combined exports from North and West Africa in 2020 accounted for around 9% of global oil exports, according to Statista.In addition to oil, almost half of the 55 countries in Africa have proven natural gas reserves.Nigeria has the biggest potential. Its department of petroleum resources says the country has proven gas deposits of 206.53 trillion cubic feet.Algeria is next, with 159.1 trillion cubic feet, followed by Senegal with 120 trillion cubic feet.Mozambique is next, with 100 trillion cubic feet.Other countries with major reserves are Egypt (77.2 trillion cubic feet), Tanzania (57.54), Libya (53.1), Angola (13.5), Congo (10.1), Equatorial Guinea (5), Cameroon (4.8) and Sudan (3 trillion cubic feet), according to Matthew Goosen of Energy Capital & Power.Mozambique is due to come on stream as a gas producer from the Coral South project, which will be operated by Eni as a 25% partner.In November Eni held a naming and launch ceremony for the Coral-Sul FLNG, the first f loating LNG facility to be deployed in the deep waters of the African continent.The FLNG will be moored at its operating site in the Rovuma basin offshore Mozambique.According to Eni, the facility will be moored in 2 000 metres of water and will be held in place by 20 mooring lines which together weigh around 9 000 tons.The bulk of the gas will be processed and exported from the platform.Nigeria exported more than two million barrels of oil daily to the international market in 2019.
