Cameroon among Top 10 African countries with the smallest oil reserves in 2024

Cameroon is currently classified 9th among the top 10 African countries with the smallest oil reserves in 2024, coming after Democratic Republic of Condo and before Tunisia.

We often hear about Africa’s oil giants, but less is said about the countries with smaller reserves. On a continent as diverse as Africa, with its 54 countries, not every country is blessed with abundant oil wealth.

Business Insider presents the top 10 African countries with the lowest oil reserve in 2024. The list is courtesy of Global Firepower.

Ethiopia holds the smallest amount of crude oil reserves, with just 400,000 barrels.

We often hear about Africa’s oil giants, but less is said about the countries with smaller reserves. On a continent as diverse as Africa, with its 54 countries, not every country is blessed with abundant oil wealth.

In a previous article, we noted that energy is a key driver of economic growth and improved living standards, particularly in Africa. The more energy people use, the better off their country tends to be. That is why having access to energy is crucial for a country’s success.

However, the success story isn’t always the case for oil-rich countries on the continent, as they often struggle with poor governance, corruption, and economic imbalances.

But importantly, not all African countries have access to abundant crude oil. For these countries, having small oil reserves means they are more dependent on oil imports to meet their energy demands. This dependency can make them vulnerable to global oil price fluctuations, which can disrupt their economies and strain their finances

Countries like Ethiopia, Morocco, and Benin find themselves at the lower end of the oil reserve spectrum. Unlike other countries, these countries must navigate a different set of circumstances in managing their energy needs.

A Global Firepower report recently listed countries in the world and proven oil reserves. In Africa, Ethiopia holds the smallest amount of crude oil reserves, with just 400,000 barrels, placing it 95th globally. Morocco follows as the second smallest with 700,000 barrels, ranking 94th. Benin comes in third, with 8 million barrels, ranking 90th.

Cameroon’s oil reserves are located primarily in the Rio del Rey Basin, the Douala Basin, and the Chad Basin. The country first discovered oil in the Rio del Rey Basin in the 1970s, and since then has become one of the largest producers of oil in sub-Saharan Africa.

Cameroon’s proven oil reserves are estimated to be around 200 million barrels, with the potential for more discoveries in undiscovered fields. The majority of oil production comes from offshore fields in the Rio del Rey Basin, where major oil companies such as Total, Perenco, and Pecten have operations.

Despite the significant oil reserves, Cameroon’s oil production has been relatively stable in recent years, averaging around 80,000 barrels per day. This is due to aging infrastructure, lack of investment in exploration and development, and political instability in the region.

Cameroon’s oil industry is crucial to the country’s economy, accounting for a significant portion of government revenue and GDP. However, the country’s heavy reliance on oil exports has left it vulnerable to fluctuations in global oil prices.

In order to sustain and grow its oil industry, Cameroon will need to invest in new exploration and production technologies, as well as develop its infrastructure and regulatory framework to attract more foreign investment. Additionally, the government will need to diversify its economy and reduce its dependence on oil in order to mitigate the risks associated with the oil sector.

Overall, Cameroon’s oil reserves have the potential to be a significant source of revenue and economic growth for the country, but careful management and strategic planning will be necessary to maximize their benefits in the long term.

Below are the top 10 African countries with the lowest oil reserves in 2024: