Exporting 90% of Africa's oil production regrettable, says industry expert

Port Harcourt -- An indigenous player in the oil and gas sector, Mr. Victor Ekpenyong, has said that it was regrettable that almost 90 percent of oil produced in Africa is exported.

This is as Nigeria in the last quarter of 2022 returned as the largest oil producer in Africa, overtaking Algeria and Angola in production volume with an average of 1.35 million barrels of crude oil daily, according to oil production data from the Organization of the Petroleum Exporting Countries.

Ekpenyong, who is the Chief Executive Officer of Kenyon International West Africa Ltd, an indigenous oil servicing firm, while reacting on the development, said African continent have a long way to go as the bulk of its oil production was for export.

Lamenting that Africa has n o t per for med optimally as it ought to, as the continent is known f o r being a place for sourcing raw materials, he called for an urgent change in the narrative.

"It is regrettable that almost 90 percent of oil production in Africa is exported. Nigeria, the largest producer of oil and Angola the second largest producer of oil, all import petroleum products.

"Ghana with a population of 34 million citizens imports petroleum products and does not have functional refineries. Meanwhile, Algeria, with a population of 44 million people refines 50 percent of their

Barrels of crude oil production within their country.

"As someone who is well travelled, it is a flaw in African system to export 100 percent of our production and then import petroleum products. Honestly, there is a need for the African continent to do better," he said.