We have listed the top resource-rich countries based on their total natural resources rents, expressed as a percentage of their GDP as of 2021. Natural resources rents refer to the economic gain a country derives from the extraction and production of resources like oil, natural gas, coal, minerals, and forests.
Essentially, it’s the difference between the total revenue generated from these resources and the production costs borne by the country. These rents are often represented as a percentage of the country’s GDP.
To identify countries abundant in natural wealth, we consulted the World Bank’s database and ranked the world’s biggest natural resource holders in ascending order of the GDP percentage derived from natural resources.
Based on our findings, here are the countries with the most natural resources:
20. Norway
Total Natural Resources Rents As % Of GDP: 10%
Recently, Norway has become Europe’s largest exporter of natural gas and oil following a buyer boycott against Russia due to its invasion of Ukraine. Bloomberg reports that to maintain production levels and increase exports, Norway has approved new oil and gas projects worth $18.5 billion. The Johan Sverdrup oil field, a significant project, produces 31,500 barrels of oil equivalent of gas per day, substantially contributing to the economy.
Located 150 km off the coast of Stavanger, this field reached its maximum production capacity of 755,000 barrels of oil per day during a test phase. Jointly owned by Equinor ASA (NYSE:EQNR), TotalEnergies, Lundin Norway, Petoro, and Aker, the field recently increased its capacity to 755,000 barrels per day, as reported in Equinor ASA (NYSE:EQNR)’s Q2 earnings call transcript.
Equinor ASA (NYSE:EQNR) continues investing in the Norwegian continental shelf’s oil sector, developing Irpa and Verdande (subsea oil fields in the Norwegian Sea) in the upcoming years, which are expected to yield valuable, low-carbon barrels.
19. Venezuela
Total Natural Resources Rents As % Of GDP: 10.1%
Venezuela is among the top oil producing countries in the world, possessing one of the world’s largest proven oil reserves, primarily located in the Orinoco Oil Belt. However, US sanctions imposed in 2019 have significantly hindered its oil production and export capacities.
Targeting the oil sector and government officials, these sanctions have limited Venezuela’s access to global financial markets and deterred foreign investment, causing a decline in oil production levels and prompting the search for alternative trading partners.
18. Peru
Total Natural Resources Rents As % Of GDP: 12.7%
Peru, rich in natural resources, is a leading global producer of silver, copper, lead, and zinc. The significant Antamina mine extracts copper and zinc, eventually supporting its GDP. Additionally, with portions of the Amazon Rainforest within its territory, Peru offers considerable timber and biodiversity resources. However, the exploitation of these resources is controversial due to environmental and indigenous peoples’ rights concerns.
17. Australia
Total Natural Resources Rents As % Of GDP: 13.4%
Australia’s wealth in natural resources encompasses coal, iron ore, gold, and natural gas. The Pilbara region is renowned for extensive iron ore extraction, with projects like Roy Hill making significant contributions. Furthermore, the North West Shelf and the Prelude FLNG project play a crucial role in the country’s natural gas production.
16. Chile
Total Natural Resources Rents As % Of GDP: 16.9%
Topping the list of countries with the largest copper reserves, Chile has reserves amounting to 190 million metric tons. The Escondida mine, the world’s largest of its kind, is pivotal in this regard. In addition to copper, Chile possesses substantial reserves of lithium, molybdenum, and precious metals, with significant lithium extraction occurring in the unique geography of the Atacama Desert.
15. United Arab Emirates
Total Natural Resources Rents As % Of GDP: 17.6%
The UAE derives its wealth predominantly from oil and gas found mainly in Abu Dhabi. The flagship Zakum field, one of the world’s largest oil fields, significantly boosts the nation’s production capacity. Besides oil, the UAE is heavily investing in developing a smart renewable energy sector to diversify its energy portfolio.
14. Russia
Total Natural Resources Rents As % Of GDP: 18.5%
With extensive natural resources, Russia has considerable reserves of oil, gas, coal, and metals. The Yamal LNG project exemplifies Russia’s robust gas production capabilities, providing access to massive reserves in the Russian Arctic.
13. Algeria
Total Natural Resources Rents As % Of GDP: 22.6%
Algeria’s wealth in resources is chiefly in oil and gas, with the Hassi Messaoud and Hassi R’Mel fields being integral to its petroleum industry. Fundamental for both domestic consumption and exports, these fields also support Algeria’s prominent role in the fertilizer industry due to its substantial phosphate reserves.
12. Saudi Arabia
Total Natural Resources Rents As % Of GDP: 25.6%
Primarily known for oil, Saudi Arabia is home to Ghawar Field, the world’s largest crude oil production facility. This field enhances Saudi Aramco’s production capabilities and cements the nation’s status in the global oil market. Additionally, with significant gold and phosphate deposits, Saudi Arabia is also exploring opportunities in the mining sector.
11. Kazakhstan
Total Natural Resources Rents As % Of GDP: 26.8%
Kazakhstan is rich in minerals, including uranium, copper, and zinc. As a leading uranium producer with 969,200 tons of uranium reserves, the country’s Inkai and South Inkai mines are vital to its uranium extraction efforts. Kazakhstan also boasts substantial oil reserves, with the Tengiz Field being a significant contributor to its oil production.
10. Qatar
Total Natural Resources Rents As % Of GDP: 27.3%
With substantial natural gas reserves located primarily in the North Field, Qatar garners global attention. This field is crucial to the nation’s status as one of the leading LNG exporters worldwide. Additionally, the country possesses significant crude oil reserves, bolstering its energy-centric economy.
9. Oman
Total Natural Resources Rents As % Of GDP: 29.2%
Like other Middle Eastern countries on the list, Oman derives the majority of its wealth from oil and gas. The nation has also invested in its emerging mining sector, focusing on the exploitation of copper, gold, and phosphate reserves.
8. Kuwait
Total Natural Resources Rents As % Of GDP: 28.28%
Kuwait’s economy relies heavily on oil, and the Greater Burgan Field, one of the world’s largest sandstone oil fields, is pivotal to the nation’s status as a key global oil exporter. This field produces an output of 1.7 million barrels per day.
7. Azerbaijan
Total Natural Resources Rents As % Of GDP: 29.9%
The Azeri-Chirag-Guneshli (ACG) field complex in Azerbaijan is a significant project, accounting for 41% of the country’s oil extraction. Its output reaches markets through pipelines extending through Turkey and into Europe, enhancing Azerbaijan’s geopolitical importance in the region’s energy security landscape.
6. Angola
Total Natural Resources Rents As % Of GDP: 30%
Angola’s economy heavily relies on its abundant natural resources, notably oil, with the Block 17 oil field, operated by Total, being crucial for its production. Additionally, Angola boasts a thriving diamond industry, with the Catoca diamond mine in the Lunda Sul Province supporting most of the country’s output. As one of the world’s largest, Catoca is responsible for approximately 75% of Angola’s diamond production.
5. Iran
Total Natural Resources Rents As % Of GDP: 30.4%
Iran, the third-largest oil producer within OPEC, has major oil fields, including Ahwaz, Marun, and Gachsaran, which account for a significant portion of its daily output. The South Pars/North Dome Gas-Condensate field, shared with Qatar, is the world’s largest gas field, reinforcing Iran’s position as a prominent natural gas producer. In addition to hydrocarbons, Iran has substantial deposits of coal, chromium, copper, iron ore, lead, manganese, zinc, and sulfur.
4. Mongolia
Total Natural Resources Rents As % Of GDP: 33%
Mongolia is renowned for its extensive mineral deposits, notably coal, copper, gold, and uranium. The Oyu Tolgoi mine, one of the world’s largest copper and gold mines, and the Tavan Tolgoi coal mine, with significant coking coal reserves, contribute to the nation’s resource exports. The economy of Mongolia heavily depends on mineral exports and is, therefore, significantly influenced by global commodity prices and demand.
3. Democratic Republic Of Congo
Total Natural Resources Rents As % Of GDP: 38.8%
The Democratic Republic of Congo (DRC) is rich in resources, particularly cobalt, copper, and diamonds. The DRC plays an indispensable role in the global electric vehicle and renewable energy industries, holding over half of the world’s cobalt reserves. The Tenke Fungurume mine is a major copper-cobalt operation, significantly contributing to the country’s output. With 4 million metric tons reserves, the DRC will continue leading the global cobalt mining sector.
2. Iraq
Total Natural Resources Rents As % Of GDP: 43.4%
With one of the largest proven oil reserves worldwide, Iraq is home to the Majnoon oil field, one of the super-giant fields with a production capacity in the hundreds of thousands of barrels per day, forming a cornerstone of the nation’s oil export revenue. While Iraq has reserves of natural gas, primarily associated with oil fields, its resource exploitation and economic performance are often hindered by geopolitical instability.
1. Libya
Total Natural Resources Rents As % Of GDP: 61%
Libya, holding approximately 48.4 billion barrels, boasts Africa’s largest proven oil reserves. Its most prolific field, Sharara, plays a significant role in the country’s oil production capacity. Oil is pivotal to the Libyan economy, supplying the majority of foreign exchange earnings. However, the sector has encountered instability and conflict in recent years. Efforts to stabilize the country and achieve peace are vital for effectively leveraging its resource wealth.
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Source: finance.yahoo.com
