While Africa sits on vast reservoirs of oil and gas and produces the majority of the world's battery minerals, 560 million of its people still live without electricity. According to Al Jazeera, this stark paradox forms the backdrop of African Energy Week in Cape Town, where energy ministers, investors, and oil executives have gathered to discuss investment and energy poverty.

Al Jazeera reported that Africa holds about 125 billion barrels of proven crude oil reserves, representing 7.2 percent of the global total. Libya and Nigeria account for nearly 70 percent of these reserves, holding 48.4 billion and 36.9 billion barrels respectively, followed by Algeria, Angola, South Sudan, and Egypt.

In terms of production, Al Jazeera noted that Nigeria was Africa's largest oil producer in 2024, accounting for about 23 percent of the continent's output, while Algeria and Angola each produced about 17 percent. Together, these three countries generated 56 percent of Africa's oil, with the top five producers accounting for over 80 percent. Al Jazeera also highlighted that Libya, despite holding the continent's largest reserves, ranked fourth in production due to political disputes and blockades disrupting output for foreign operators such as Italy's Eni, France's TotalEnergies, and Spain's Repsol.

Regarding natural gas, Al Jazeera reported that Africa held almost 18 trillion cubic metres of proven reserves at the end of 2023. Nigeria and Algeria hold about 58 percent of this total, while Mozambique, Egypt, and Libya hold significant remaining shares. Al Jazeera added that Algeria and Nigeria are leading exporters, whereas Mozambique's offshore reserves, discovered in the 2010s, remain largely undeveloped.

Furthermore, Al Jazeera reported that African countries supplied 71.2 percent of global cobalt production and 72.4 percent of manganese production in 2025, providing essential materials for rechargeable batteries, steel strengthening, and electric vehicles.

Background

According to Al Jazeera, African Energy Week runs until October 16 in Cape Town, focusing specifically on investment in oil and gas, energy finance, and ending energy poverty. The continent's total crude oil production accounts for 7.6 percent of the world's crude, closely aligning with its 7.2 percent share of global reserves. Major foreign energy companies have long maintained operations across these resource-rich regions, though infrastructural and political hurdles continue to shape the sector.

Why it matters

For readers observing global energy dynamics, the disparity between resource extraction and domestic access highlights ongoing structural challenges in developing regions. Discussions surrounding energy finance, fossil fuel investments, and critical mineral supply chains carry broad implications for international markets and industrial supply.

What's next

According to Al Jazeera, African Energy Week is scheduled to run until October 16.