By Eyo Nsima

There are indications that oil exploration has dropped in Africa by 53.5 per cent, as the Coronavirus pandemic continues to haunt the continent.

According to data obtained from the March Oil Market Report of the Organisation of Petroleum Exporting Countries, OPEC, the February 2021 rig count, which measures the level of exploration stood at 46, indicating a drop of 44.4 per cent, when compared to 99, recorded in the corresponding period of 2020.

A close look at the data obtained by The Daily, www.thedaily-ng.com, showed that Algeria, Libya and Nigeria, emerge the top three nations with 22,12, and seven, compared to 38, 16, and 23, recorded in the corresponding period of 2020.

These are followed by Angola, Gabon, Congo, and Equatorial Guinea, with four, one, zero, and another zero respectively, compared to six, nine, two, and five, recorded in 2020 respectively.

One noticeable trend is that although Nigeria remains the leading petroleum nation in Africa with bout 37 billion barrels reserves, it has not been able to invest more in the exploration and production of oil, which culminated in Algeria, and Libya, beating in terms of rig deployment.

Algeria

According to OPEC, “covering an area of around 2,382 thousand square kilometres, the Republic of Algeria is, territorially, OPEC’s largest Member Country and the largest country in Africa. It is situated in the north of the continent and shares borders with Morocco, Western Sahara, Mauritania, Mali, Niger, Libya and Tunisia. To the north is the Mediterranean Sea.

“The country achieved political independence in 1962 after more than a century of colonial rule by France. Algeria’s struggle for independence was one of the most bitter in Africa’s colonial history.

“It has a population of around 43 million, with over 3.5 million living in the capital, Algiers. Arabic is the official language, while French and Berber Tamazight are also spoken. The currency is the dinar.

“The oil and gas sector is the backbone of the economy, accounting for about 20 per cent of the gross domestic product, and 85 per cent of total exports. The country’s other natural resources include iron ore, phosphates, uranium and lead.”

 Libya

It also stated: “Situated in the north of Africa and sharing a border to the west with fellow OPEC Member Country Algeria, Libya is the 16th largest country in the world in terms of landmass, comprising around 1,760 thousand square kilometres. More than a quarter of the country’s six million-plus inhabitants live in its capital city, Tripoli. Arabic is the main language.

“Apart from petroleum, Libya’s other natural resources are natural gas and gypsum. Its economy depends primarily on the oil sector, which represents about 69 per cent of export earnings. Moreover, the oil and gas sector accounts for about 60 per cent of the total GDP. Substantial revenues from the energy sector, coupled with a small population, give Libya one of the highest per capita GDPs in Africa. The national currency is the dinar. The country joined OPEC in 1962.”

 Nigeria

Also, the organisation, stated: “The most populous country within OPEC, Nigeria has around 208 million inhabitants. Located on the Gulf of Guinea on Africa’s western coast, Nigeria covers an area of around 924 thousand square kilometres. Abuja, the capital since 1991, has a population of more than one million. English is Nigeria’s official language, although many local languages such as Hausa, Yoruba, Igbo and Ijaw are also spoken.”

It added: “Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. The oil and gas sector accounts for about 10 per cent of gross domestic product, and petroleum exports revenue represents around 86 per cent of total exports revenue. Its currency is the naira. Nigeria’s Head of State and Commander-in-Chief of the Armed Forces is HE Muhammadu Buhari. The country joined OPEC in 1971.”