African Countries Increase Hydrocarbon Production and Exports
Libya is the main oil exporter among African countries. Several new rich oil and natural gas fields have been discovered in Algeria
In the first seven months of the year, 14 new oil and natural gas fields were discovered in Algeria. Rachid Hachichi, CEO of Algeria’s national oil and gas company, said that “these new hydrocarbon reserves are set to significantly increase Algeria’s production and export potential.” According to Hachichi, “the stability and economic recovery of recent years have put Algeria at the center of attention of major international energy companies, such as Exxon Mobil, Chevron, and Italy’s ENI, leading to numerous international agreements.”
Meanwhile, it has been revealed that Libya has become “the largest oil exporter on the African continent in 2023.” Libya reached an average production of 1.189 million barrels of oil per day last year, according to the latest data from the Organization of the Petroleum Exporting Countries (OPEC). Next are Nigeria (1.187 million barrels per day) and Angola (1.098 million barrels per day). In fourth place in OPEC’s African ranking was Algeria with an average production of 973,000 bpd, ahead of Egypt (453,000 bpd), Congo (271,000 bpd), and Gabon (223,000 bpd).
